Economic leaders of the Group of 20 nations have called for efforts to expand growth potential through expansionary fiscal policies and structural reform against fears of downside risks in the global economy.

During a meeting of the G20 finance ministers and central bank governors held in Washington Thursday and Friday, many participants issued forecasts of slowing growth momentum.

Managing Director of the International Monetary Fund Christine Lagarde also cited slowing growth, trade tensions, rising global debt and financial jitters in emerging economies. 

However, finance chiefs and central bank governors did not go as far as to predict such risks would lead to a global recession.

The prevailing view was that growth will head upwards from next year but efforts by world governments are necessary.

During the G20 meeting, South Korea's Finance Minister Hong Nam-ki proposed policy coordination to achieve sustainable, balanced and inclusive economic growth, and introduced Seoul's plans to draw up an extra budget.

Representatives from the IMF, the World Bank and the OECD also attended the Washington gathering. The next meeting will take place in June in Japan.