However, it said the recovery is proceeding at different speeds within and across regions and unemployment is still high in many economies.

"We recognize that in such circumstances different policy responses are required," the communiqe said.

The ministers and central bank governors stressed the need for G20 countries to pursue well coordinated economic policies that are consistent with sound public finances; price stability; stable efficient and resilient finance systems; employment creation; and poverty reduction.

"Countries who have the capacity should expand domestic sources of growth. this would help cushion a decline in demand from countries that should boost savings and reduce fiscal deficit," the communique said.

Created in 1999 in response to the finance crisis of the late 1990s, the G20 is aimed at bringing together systematically important industrialized and developing economies to discuss key issues in the global economy.

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