G20: world leaders back 800 measures for global economic growth
World leaders are positive that in 2018, a decade on from the financial crash, the global economic outlook will be markedly better than it has been in the interim years.
After much discussion at this year’s G20 summit, attendees came to an agreement that they will transform their respective economies in fundamental ways to make this possible.
One of the key commitments is for heads of state to boost their economies by 2.1 per cent over the next four years, which will orientated around a package of 800 measures designed to stimulate growth.
The official G20 communiqué noted that “tackling global investment and infrastructure shortfalls is crucial to lifting growth, job creation and productivity”.
A collective approach is essential, the world leaders acknowledged, as each nation’s fortunes are, through the intricate network of global trade, connected to one another.
“We endorse the Global Infrastructure Initiative, a multi-year work programme to lift quality public and private infrastructure investment,” the document outlined. “Our growth strategies contain major investment initiatives, including actions to strengthen public investment and improve our domestic investment and financing climate.
“We have agreed on a set of voluntary leading practices to promote and prioritise quality investment, particularly in infrastructure. To help match investors with projects, we will address data gaps and improve information on project pipelines.”
Additionally, world leaders said that they are dedicated to facilitating long-term from institutional investors, as well as encouraging market sources of finance, especially for small to medium-sized businesses.
Australia’s prime minister Tony Abbott, host of the G20 summit in Brisbane, Australia, welcomed the outcome of the two-day event, which he believes has the authority to make a real difference.
“We have signed off on a peer-reviewed growth package that, if implemented, will achieve a 2.1 per cent increase in global growth over the next five years, on top of business as usual,” he said.
“This year the G20 has delivered real and practical outcomes. Because of the efforts the G20 has made this year, culminating in the last 48 hours, people right around the world are going to be better off … through the achievement of inclusive growth and jobs.”