Treasury's Lew: Global Economic Demand Not 'Where It Needs to Be'

Thursday, 31 Oct 2013 10:27 AM

 

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U.S. Treasury Secretary Jacob J. Lew said economic growth around the world “is not where it needs to be” and global leaders should make strengthening demand and creating jobs a priority.

“Growth in Europe remains weak, with domestic demand particularly anemic,” Lew said at an investment conference held by the Commerce Department in Washington.

“It is critical that surplus countries contribute more to demand as deficit countries undergo adjustment.”

The Treasury Department criticized Germany in a twice-yearly report for running large current-account surpluses.

Lew also said Japan “appears to be turning an economic corner” and China “needs to increase the flexibility of its exchange-rate regime and permit more market-determined access to capital and more open access to markets.”

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