The Group of 20 nations will develop “ambitious but realistic” policies to increase collective gross domestic product by more than $2 trillion, or 2 percent, above the current baseline for the next five years.
While the U.S., United Kingdom, Japan and China have strengthened or maintained economic growth, “the global economy remains far from achieving strong, sustainable, and balanced growth,” finance ministers and central bank governors said in a statement after a meeting this weekend in Sydney.
“We agree the global economy still faces weaknesses in some areas of demand, and growth is still below the rates needed to get our citizens back into jobs and meet their aspirations for development,” they said. “Recent volatility in financial markets, high levels of public debt, continuing global imbalances and remaining vulnerabilities within some economies highlight that important challenges remain to be managed.”
For more, see this Bloomberg News report by Michael Heath, Iain McDonald and Ben Purvis.