"Political leaders in all countries must work together to find solutions," said Davutoglu speaking at the G20 conference in Ankara on Friday.
"We are coming into a new world. Consultation and intellectual cooperation are essential," Davutoglu said.
Davutoglu pointed out five major challenges with regards to the global economy, Davutoglu said.
“First, financial markets are very volatile. When there is volatility, it is hard to make decision," he added.
"Another challenge, emerging markets do not have the dynamism they had previously. Third, prospects of future growth are dim. We must have new prospects for future growth. Still another, global trade is slowing down," Davutoglu said.
Another challenge involves geopolitical tensions, Davutoglu warned.
"The refugee crisis is a good example," he said.
Turkey has accepted more refugees than any other country in the world, Davutoglu pointed out.
Since the early stages of the Syrian civil war, Turkey has adopted an open-door policy for civilians fleeing the conflict in both Syria and Iraq. It has given refuge to at least 1.9 million Syrians and 200,000 Iraqis, according to government figures.
"All of us are tested in the face of this historic turning point. Today, it is time to act together, this is the best way to achieve peace. If you act together, the next generations will have a better world. There is no third option: It is win-win or all is lost.”
“But a win-win scenario is possible with the support of the G20," Davutoglu added.
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