U.S. business inventories increased strongly in May, outpacing the growth in sales, government data showed on Friday.

U.S. retail sales rebounded strongly in June as Americans spent more on gasoline and other goods amid soaring inflation, which could allay fears of an imminent recession but not change the view that economic growth in the second quarter was tepid.

IMF chief Kristalina Georgieva on Saturday warned officials from the Group of 20 major economies to take urgent action to combat inflation, warning that the "exceptionally uncertain" global economic outlook could turn worse if higher prices persisted.

The United States will look for every opportunity to move ahead and enact a global minimum corporate tax agreement despite the opposition of a key Democratic senator, Joe Manchin, to raising corporate taxes, U.S. Treasury Secretary Janet Yellen said.

China's economy is facing downward pressure due to COVID-19 and external shocks, and the central bank will "increase implementation of prudent monetary policy" to support the real economy, China's central bank Governor Yi Gang said.

India's economy has remained resilient in the face of global headwinds and with inflation coming off its recent peak is expected to stay on course to become the world's fastest-growing economy, the Reserve Bank of India said on Saturday.