Group of 20 finance leaders are expected to say the global economy continues to face multiple challenges including "conflicts in many regions" and geoeconomic tensions, according to a draft version of the communique seen by Reuters.

The draft communique also said the likelihood of a soft landing in the global economy has increased, but uncertainty remains high.

"Risks to the global economic outlook are more balanced," with faster-than-expected disinflation and more growth-friendly fiscal consolidation underpinning growth, the draft said.

"Among the downside risks to the global economy are [wars and] escalating conflicts, geoeconomic fragmentation, rising protectionism and trade routes disruptions," the draft communique said. The fact the words "wars and" are in brackets suggest there was no consensus yet within the group on whether to include the language in the final version.

(Reporting by G20 reporting team; Editing by Andrew Heavens)