At a recent meeting of the G20 in Turkey, finance ministers and central bank chiefs agreed that growth in the global economy remains uneven and the recovery slow, especially in the euro-zone, Japan and some emerging-market economies.

They also warned of the risk of persistent stagnation in some leading economies due to “prolonged low inflation, alongside sluggish growth.”

A G20 spokesman said: “We are determined to overcome these challenges, deliver sustainable growth that can create jobs and encourage inclusiveness. The sharp decline in oil prices will provide some boost to global growth and should allow states to re-assess their fiscal policies to sustain economic activity.”

At the meeting in Istanbul, the USA urged euro-zone creditors to come up with a deal to resolve Greece’s financial future, saying that the global economy will suffer if there is a “a prolonged stand-off over the country’s bail-out”.

US Treasury Secretary Jack Lew called on both Berlin and Athens to be practical and pragmatic in seeking to resolve their differences, and he warned that a prolonged confrontation risked destabilising the EU.