Communiqué of the Seventy-Second Meeting of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), October 1, 2004, Washington, D.C.

Ministers welcome the continued strengthening in global growth prospects, but note that significant downside risks remain, including ongoing large payments imbalances, the move toward a higher interest rate environment, the volatility of oil prices exacerbated by downstream supply constraints, and serious geopolitical concerns. Moreover, while economic growth has become increasingly broad-based, some regions continue to lag behind. In particular, growth in sub-Saharan Africa, while improving over the recent period, remains at levels inconsistent with achieving sustained poverty reduction and reaching the Millennium Development Goals (MDGs).