The global economic environment has been characterized in recent years by high debt levels, financial volatility, high levels of risk, and a persistent development gap. With the world still reeling from the recent economic downturn, achieving sustainable economic growth remains a formidable challenge for developing countries. Worldwide economic growth in 2012 is expected to remain moderate, with weak growth in most developed countries and slowing growth in the developing world. The financial crisis in the EU has only reinforced the need for stronger global governance of the international financial system.
In an effort to address the world's ongoing financial challenges, the G20 Finance Ministers met to review commitments made at the 2010 and 2011 G20 Summits and to agree upon further action to be taken. Among the commitments made by the G20 Finance Ministers are a continuing emphasis on job creation, green growth, and the reduction of commodity price volatility. Significant attention has also been paid to strengthening the global financial sector through the continued efforts of the IMF, as well as to improving global financial transparency and information-sharing.