G20 summit ends with promise to lift global GDP by 2 pc

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SME Times News Bureau | 24 Feb, 2014
G20 agrees to boost their collective GDP by over 2 percent over five years at a summit of G20 finance ministers and central bank governors ended in Sydney on Sunday, reports media.

According to the communique, "the participants are committed to implementing policies to grow their collective GDP by more than 2 percent above the current trajectory over the next five years."

Australian Treasurer Joe Hockey announced the end of the meeting and delivered a two-page communique.

A satisfied Indian Finance Minister P Chidambaram later said, "The communique has been drawn by the deputies sitting together and I think our concerns have been fully reflected in the communique".

Each country will deliver a comprehensive growth strategy as part of the Brisbane Leaders Summit in November as the first step.

Hockey also stressed that economic structure reform was necessary for every nation.

The G20 also promised to take concrete actions to boost trade, competition, communication, employment opportunities and investment, particularly in infrastructure, and build resilience in the financial markets.

The communique reflects the shared goals of the finance ministers and central bank governors representing 75 percent of the global trade and 85 percent of the world economy.

Meanwhile, IMF Chief Christine Lagarde said the global growth agenda set by G20 is laudable and attainable.

Treasurer of G20 host Australia Joe Hockey in his comment said: "We know reform is hard. We have to earn economic growth and new jobs... It will take concrete actions across the G20 to boost investment, trade, competition and employment opportunities, as well as getting our macroeconomic fundamentals right".