G20 aspires to faster economic growth, roadmap sketchy

10:37 • 23.02.14
Economy

The world's top economies have embraced a goal of generating more than $2 trillion in additional output over five years while creating tens of millions of new jobs, signaling optimism that the worst of crisis-era austerity was behind them.

The final communique from the two-day meeting of Group 20 finance ministers and central bankers in Sydney said they would take concrete action to increase investment and employment, among other reforms. The group accounts for around 85 percent of the global economy.

"We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years," the communique read.

Australian Treasurer Joe Hockey, who hosted the meeting, sold the plan as a new day for cooperation in the G20.

"We are putting a number to it for the first time -- putting a real number to what we are trying to achieve," Hockey told a news conference. "We want to add over $2 trillion more in economic activity and tens of millions of new jobs."

The deal was also something of a feather in the cap of Hockey, who spearheaded the push for growth in the face of some scepticism, notably from Germany.

"What growth rates can be achieved is a result of a very complicated process," Germany's Finance Minister Wolfgang Schaeuble said after the meeting.

"The results of this process cannot be guaranteed by politicians."

Australia is acting as president of the G20 this year, following Russia in 2013 and ahead of Turkey next year.

The growth plan borrows wholesale from an IMF paper prepared for the Sydney meeting, which estimated that structural reforms would raise world economic output by about 0.5 percent per year over the next five years, boosting global output by $2.25 trillion.

The IMF has forecast global growth of 3.75 percent for this year and 4 percent in 2015.
 

Armenian News - Tert.am

LATEST NEWS

Videos

15:20 • 24.05.21

Interview with Francis Malige, EBRD Managing Director

11:39 • 24.04.21

Armenians Commemorating 106th Anniversary of Genocide

09:40 • 23.04.21

Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News

15:34 • 22.04.21

Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank

14:09 • 21.04.21

'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide

12:37 • 03.04.21

Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24

17:33 • 11.03.21

Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors

17:57 • 26.01.21

Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan

13:33 • 22.01.21

Rep Adam Schiff Says Congress Should Recognize Artsakh

09:42 • 29.12.20

UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'

18:41 • 24.12.20

NASA's Mars 2020 Perseverance Rover Landing Animations

13:33 • 31.10.20

Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video

16:37 • 30.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies

11:25 • 28.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Drone

13:45 • 24.10.20

Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan

11:51 • 24.10.20

Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment

11:40 • 24.10.20

Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan

10:39 • 24.10.20

Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital

12:41 • 23.10.20

President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace

12:16 • 23.10.20

Artsakh Defense Army Neutralizes Azerbaijani Military Hardware

12:02 • 22.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures

10:35 • 22.10.20

President Armen Sarkissian Meets with NATO Secretary-General in Brussels

10:51 • 17.10.20

Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling

15:09 • 15.10.20

Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy

13:13 • 13.10.20

Artsakh Defense Army Units Destroying Azerbaijani Tank

12:56 • 12.10.20

Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements

12:23 • 12.10.20

Armenians Protest Outside Turkrish Embassy in Los Angeles

17:23 • 09.10.20

Losses in Azerbaijan's Military Featured in Defense Army Footage

15:53 • 09.10.20

Artsakh Defense Army Neutralizing Adversary's Transport Column

14:11 • 09.10.20

Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh

15:52 • 08.10.20

Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)

10:57 • 08.10.20

Artsakh Defense Army Continues High-Precision Strikes

14:24 • 07.10.20

War Situation in Karabakh on European Parliament's Agenda

19:31 • 05.10.20

Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks

16:17 • 04.10.20

Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression

12:39 • 04.10.20

Nagorno-Karabakh's Capital Under Azerbaijani Strikes

13:49 • 03.10.20

Armenian Armed Forces Neutralize Azerbaijani Defense Positions

10:12 • 29.09.20

ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline

23:42 • 28.09.20

There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR

18:45 • 28.09.20

EU calls for Immediate End to Hostilities over Nagorno-Karabakh

Show all

Most popular articles Today Yesterday For a week

Politics

Law

Economy

Event

Press digest

Science/tech

Sports

Culture

Entertainment