Arab Today, arab today g20 vows to breathe new life into world economy
Last Updated : GMT 22:06:40
Arab Today, arab today
Arab Today, arab today

Ambitious goal of raising total GDP by 2%

G20 vows to breathe new life into world economy

Arab Today, arab today

Arab Today, arab today G20 vows to breathe new life into world economy

Head of IMF Christine Legarde (C) with other delegates
Cairns - Arab Today

G20 nations including the United States and China said on Sunday they can overcome geo-political tensions and financial risks to achieve extra combined growth of 1.8 percent, adding trillions of dollars to the world economy.
Their two-day meeting in Cairns was focused on developing a suite of policies to reach an ambitious goal of raising the total GDP of the 20 major world economies by two percent above current projections over the next five years.
Finance ministers and central bank governors, including US Federal Reserve Chair Janet Yellen, want to take their plan to the G20 leaders' summit in Brisbane in November.
In a communique, they said that the 1,000 measures agreed so far -- including to accelerate infrastructure investment, financial reform and encourage free trade -- could add 1.8 percent to GDP and create millions of new jobs.
But more reforms were needed to meet the two percent goal, agreed in Sydney earlier this year.
"Preliminary analysis by IMF-OECD indicates these measures will lift our collective GDP by an additional 1.8 percent through to 2018," they said.
"In the lead up to the Brisbane (leaders') summit, we will continue to identify a series of additional measures to meet our collective growth ambition.
"We will hold each other to account in implementing these policy commitments."
International Monetary Fund chief Christine Lagarde hailed what she called "significant progress" despite increased geo-political tensions, including in Ukraine and the Middle East, since the ministers last met in February.
"Despite the global recovery continuing, the pace of growth remains low and uneven, in part given increased geopolitical tensions and risks of financial market turmoil," she said.
"Promoting economic policies that can contribute to a more robust and job-rich recovery is therefore critical at this stage.
"I commend G20 countries for significant progress in developing growth strategies to lift medium-term growth."
- Notes of caution -
While welcoming developments, US Treasury Secretary Jack Lew said the world economy was facing headwinds, pointing to disappointing growth in Europe and Japan and a slowdown in emerging economies, including China.
"In light of these challenges to the global economy, the G20 has stressed the importance of immediate support for creating jobs, growing the economy, and implementing fiscal strategies flexibly to support demand," Lew said.
The G20 also stressed concern over the human and financial costs of the Ebola epidemic sweeping through west Africa, which had potentially serious impacts on growth and stability in affected countries.
Australian Treasurer Joe Hockey, who was chairing the meeting, welcomed the "genuine measures" put forward but warned against complacency, pointing to high levels of global unemployment and subdued international confidence.
"The G20 recognises that many of the decisions and actions to get the world economy moving are difficult," he said.
"But we are determined to lift growth, and countries are willing to use all our macroeconomic levers -– monetary, fiscal and structural policies -– to meet this challenge."
To help shift from government-led growth towards private sector-led growth, a key G20 goal, the ministers agreed to establish a global infrastructure hub to share information between countries.
The Global Infrastructure Initiative was meant to increase "quality investment, particularly in infrastructure".
"Investment is critical to boosting demand and lifting growth," they said.
Hockey added the hub would provide a database to help match potential investors with global infrastructure projects, with the World Bank helping to set it up.
"We want to create a knowledge platform to build public sector expertise, and develop standardised documentation to reduce the costs of new investment," he said.
The meeting also saw progress on reforms to the world's financial system, particularly on how banks apply capital rules, and ways to close tax loopholes that are used by many multinational companies.
Source: AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g20 vows to breathe new life into world economy Arab Today, arab today g20 vows to breathe new life into world economy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g20 vows to breathe new life into world economy Arab Today, arab today g20 vows to breathe new life into world economy

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday