Ajoint statement released April 21 by finance minis- ters and central bankers of the Group of Seven major economies in Washington noted that the global trend in economic expansion has entered its fourth year, with inflationary pressures relatively contained despite the surge in crude oil prices.
At the same time, however, the G7 warned against the negative impact of high oil prices and cited the risk — as this author pointed out in this space on March 13 — that worldwide imbalances could lead to greater protectionism.
The global economy has so far witnessed a mixture of deflationary and inflationary pressures.