G20 leaders vow to step up efforts for strong, sustainable, balanced growth

Source:Xinhua Published: 2014-11-16 15:50:29

Leaders of the Group of 20 (G20) of the world's largest developed countries and emerging economies Sunday cited as their top priority raising global growth to deliver better living standards and quality jobs for people across the world.

The leaders reckoned in a communique just released following the conclusion of a two-day G20 summit on Sunday afternoon that the global recovery is slow, uneven and not delivering the jobs needed, saying they are determined to overcome the challenges and step up efforts to achieve strong, sustainable and balanced growth, and to create jobs.

"The global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth," said the communique.

"We are implementing structure reforms to lift growth and private sector activity, recognizing that well-functioning markets underpin prosperity. We will ensure our macroeconomic policies are appropriate to support growth, strengthen demand, promote global rebalancing," the leaders said.

According to the communique, while the leaders endorsed an ambitious goal set this year to lift the G20's GDP by at least an additional 2 percent by 2018, the grouping's commitments, if fully implemented, will deliver 2.1 percent as indicated by IMF-OECD analysis.

"This will add more than 2 trillion US dollars to the global economy and create millions of jobs," said the communique.

The leaders also said the actions to boost growth and create quality jobs have been set out in a Brisbane Action Plan and in their comprehensive growth strategies, adding they will ensure the growth strategies continue to deliver and will review progress at the next summit.

Posted in: Cross-Borders

blog comments powered by Disqus