Group of Eight finance ministers expect global economic growth to remain robust in 2005, although weaker than last year, according to a G8 source.
Quoting a draft communique, the source said there was no reference to the need for more flexible exchange rates in Asia, possibly because central bankers from the club of rich nations were not attending the meeting in London.
The communique will say that high and volatile oil prices and global imbalances remain the main challenges to the global economy and will call on all countries to take vigorous action to address imbalances, the source said.
The ministers will also call for more fiscal consolidation in the United States and more structural reforms in Europe and Russia.
The draft will press for an accord on financial services liberalisation at the World Trade Organisation meeting in December.