Australian Treasurer Joe Hockey said on Saturday that finance ministers of the G20 member nations have delivered their action agenda to the leaders who gather here a summit, stressing he is optimistic that the 2 percent commitment would deliver the growth the world needs.
Hockey, who is chair of the G20 finance ministers' meeting, said, "We have now delivered our action agenda to the leaders for their discussions today and tomorrow."
"The focus of our efforts this year are based on a collective determination to deliver more economic growth and, as a result of that, more jobs," he told a press conference after the ministers finished their fifth and final meeting under Australia's presidency for 2014.
At the beginning of the year, he said, the G20 countries faced an uncertain outlook for the global economy and discussed the implications of U.S. tapering and the G20 members' concerns about the resilience of European financial institutions.
They then announced the Sydney Declaration to lift growth by more than 2 percent by 2018, an unprecedented break from business as usual for the G20.
"I want to emphasize that my finance minister colleagues and I are resolute in our determination to use all policy levers to generate growth and jobs," Hockey said.
He added that he is optimistic "the 2 percent commitment will deliver the growth the world needs" even the international community still faces economic challenges in many parts of the world.
The G20 members earlier this year reached an agreement to achieve an extra 2 percent growth to their combined economic output, a move that will create millions of jobs.
Analysts said the G20 leaders' summit in the following two days would be vital to achieve the goal. A communique that outlines G20 's policy commitment and plans to strengthen the global economy is expected to be adopted at the end of the meeting.
"To be considered a success, the Brisbane Summit must produce tangible outcomes that demonstrate the G20 members' willingness to act in concert to address pressing global issues," said Mike Callaghan from the Lowy Institute for International Policy, an independent policy think tank in Australia.
The G20 economies constitute around 85 percent of the global gross domestic product, 80 percent of world trade and two-thirds of the world's population.