Global finance ministers and central bankers are prepared to \u201cact promptly\u201d to shore up growth in a world economy that faces downside risks including trade tensions, according to a statement issued Saturday. While growth is projected to firm up in 2020, \u201crisks remain tilted to the downside,\u201d according to a communique by the International Monetary and Financial Committee, the main advisory panel of the IMF\u2019s 189 member countries. Risks include \u201ctrade tensions, policy uncertainty, geopolitical risks, and a sudden sharp tightening of financial conditions against a backdrop of limited policy space, historically high debt levels, and heightened financial vulnerabilities,\u201d the committee said. Also read:\u00a0Chinese economy \u2018generally stable\u2019, to maintain prudent monetary policy \u201cTo protect the expansion, we will continue to mitigate risks, enhance resilience, and, if necessary, act promptly to shore up growth for the benefit of all,\u201d officials said. The statement marks heightened concern compared with the IMFC\u2019s last meeting six months ago, when it said growth remained strong even amid an \u201cuneven\u201d recovery. The comments reflect a week in which the IMF cut its forecast for global growth to the lowest since the financial crisis and Managing Director Christine Lagarde warned policy makers to avoid \u201cself-inflicted wounds\u201d such as eye-for-an-eye tariffs. The communique urged countries to resolve trade tensions, noting that \u201cfree, fair, and mutually beneficial goods and services trade and investment are key engines for growth and job creation.\u201d While the prior statement in October urged central banks to \u201cmaintain monetary accommodation\u201d in places where inflation was below targets and tighten policy \u201cwhere inflation is close to or above target,\u201d the latest missive was more agnostic. It said \u201cmonetary policy should ensure that inflation remains on track toward, or stabilizes around targets, and that inflation expectations remain anchored.\u201d The language follows a shift in Fed policy in recent months, where the U.S. central bank has signaled it would leave interest rates unchanged at least through the end of this year following four hikes in 2018. Growth Friendly The policy panel urged central banks to communicate their policy decisions well and act in a \u201cdata dependent\u201d way, according to the text, which also reiterated the commitment of nations to refrain from \u201ccompetitive devaluations\u201d of their currencies. Fiscal policy should be \u201cflexible and growth friendly,\u201d officials said. \u201cThe global expansion is continuing but at a slower pace,\u201d IMFC Chairman Lesetja Kganyago, governor of the South African Reserve Bank, said at a press conference on Saturday. Also in Washington on Saturday, Mario Draghi struck a cautiously optimistic note about the prospects for a rebound in the euro-area economy this year, saying some of the factors that have held back growth appear to be waning. The 19-nation economy has shown \u201cremarkable resilience\u201d faced with headwinds such as Brexit, trade protectionism and political uncertainties in some of its members, the European Central Bank president told reporters. Still, the balance of risks remains tilted to the downside and the ECB needs to maintain its accommodative policy, he said.