(VOVworld) -  The fall in oil prices will stimulate the growth of the world economy and increase the purchasing power of countries importing energy.

Turkish Deputy PM Ali Babacan (R) and U.S. Treasury Secretary Jack Lew shake hands during the G20 finance ministers and central bank governors meeting in Istanbul February 10, 2015. (Photo: Reuters/Osman Orsal)

The statement was made in a joint communiqué of the G20 meeting of finance ministers and central bank governors, which concluded in Istanbul on Tuesday.

According to the statement, the sharp decline in oil prices is likely to create pressures reducing inflation, albeit temporarily, and declining oil prices will offer an opportunity to review tax policy and the abolition of fuel subsidies in some countries.

The G20 communiqué also called for stronger steps to boost the global economy and welcomed economic growth prospects and job generation in key countries. However, G20 members were dissatisfied with the slow pace of economic recovery in the Eurozone, Japan, and a number of newly-emerging economies.