G20 leaders commit to 2 1 economic growth

World leaders in attendance at the G20 summit have come to agreement over the need to boost growth in their respective economies.

They have all set themselves the target of enhancing growth by at least 2.1 per cent over the next four years, which would add $2 trillion to the global economy.

A total of 800 measures designed to make this a realistic goal were passed at the end of the two-day event, which was held in Brisbane, Australia.

The BBC’s James Landale said that this is quite an ambitious objective for many of the countries represented at the summit, as they are presently struggling to ward off recession or show signs of strong growth.

World leaders are, however, more optimistic that they can, by 2018, transform their respective fortunes by making sure their economies have all the resources and talent needed to increase at a rapid pace.

“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,” commented Tony Abbott, prime minister of Australia and host of this year’s G20 summit.

“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.”

Responding to news of this, Christine Langard, managing director of the International Monetary Fund, said that she and her colleagues would be closely monitoring how each of the signees to the communiqué responds to their commitment.

Although much of the focus of the summit was on economics, the world leaders also touched on other important issues, including climate change, with politicians acknowledging more has to be done.