-To create Millions of New Jobs
By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The G20 finance ministers and central bank governors said on Friday it has targeted 1.8 per cent increase in global GDP over five years. This will mean $2 trillion to the world economy and millions of new jobs, according to a communiqué issued on the completion of its final working session under Australia’s Presidency.
Also, the G20 is seeking to achieve the two percent (2%) goal that was set in Sydney, ‘’we will not stop there. We will continue to work hard to achieve the 2 percent goal that was set in Sydney, Joe Hockey treasurer to the commonwealth of Australia said.
However, the G20 finance ministers and central bank governors in the communiqué said they are optimistic and determined to achieve outcomes that will strengthen the recovery as they head to the Brisbane Leaders’ summit in November.
‘’We have spoken a lot about economic challenges. While some key economies are recovering, others face renewed weakness. But we have emerged with optimism. We are determined to achieve outcomes that will strengthen the recovery as we head to the Brisbane Leaders’ summit in November,’’ G20 affirmed.
The G20 finance ministers and central bank governors said there economic growth commitments will be meaningless if they do not translate them into outcomes. ‘’We will hold each other to account by monitoring our implementation and carrying out peer reviews,’’ the communiqué added.
Hockey in his statement said the International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development (OECD) and other international organisations will provide important input into accountability process. ‘’This accountability framework will be central to delivering our growth agenda,’’ he affirmed.
The treasurer further affirmed that the G20 has agreed to a Global Infrastructure Initiative, comprising a multi-year set of actions to increase the quality and quantity of infrastructure across the G20 and beyond. ‘’Infrastructure investment is also critical to our plan,’’ he added.
He disclosed that the G20 made good progress in developing a new Global Infrastructure Hub to support that Initiative. ‘’We have resolved to finalise its structure by the Leaders’ summit in November,’’ the treasurer noted.
Apart from these, Hockey said the G20 have agreed on measures to stabilise the global financial system and ensure integrity in the international tax system.
Saying the G20’s work does not stop in Washington, nor does it stop in Brisbane. According to him, it’s a multi-year agenda that will carry through to the Turkish Presidency and beyond.
Hockey says seamless continuity in delivering action to back the G20 words is essential for the Group.
Ali Babacan, Turkish deputy prime minister at the meeting unveiled Turkey’s plans for its Presidency in 2015, which the G20 said they are pleased by Babacan’s strong focus on implementing existing commitments. ‘’I want to assure my Turkish colleagues that Australia will support them in their efforts to deliver this agenda. Indeed, I am sure the whole G20 will support the future president,’’ Hockey said.
The treasurer expressed delight at the progress made this year and affirmed they are well-equipped to take on whatever economic challenges the G20 and the global economy may face in the future.
