WASHINGTON: The Group of 20 major economies said that economic growth remains “modest and uneven,” with downside risks ranging from a potential British exit from the European Union to geopolitical conflicts.

In a communique issued after a meeting of G-20 finance ministers and central bank governors, the group reiterated its previous pledges on exchange rates, “including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.”