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The group seemed to be less optimistic about the global economic outlook than they last gathered this spring.
"The pace of global recovery has weakened and become more uncertain since their last meeting," said the communique. " Downside risks facing the global economy have increased."
The global economic recovery remains "fragile," with uneven growth rates in different parts of the world, but double-dip recession is unlikely, Dominique Strauss-Kahn, Managing Director of the IMF, said on Thursday.
Even though most developing regions have continued to maintain their growth momentum, ministers warned of negative spillover effects from a possible slowdown in the recovery of advanced economies.
"The simultaneous and broad-based fiscal consolidation that is presently underway in many advanced economies poses considerable risks of a downward spiral in global demand," it said.
Another risk mentioned by the group is a revival in capital inflows, which many emerging economies are experiencing. Strong capital inflows have been a mixed blessing. On the one hand, they have provided cheap and readily available financing to boost domestic demand. On the other hand, these flows have increased concern about domestic overheating.