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G20 aims to lift growth, open up on monetary policy

Published on Feb 23, 2014 3:28 PM

SYDNEY (AFP) - The world's top economies vowed on Sunday to rev up world growth by boosting investment and increasing employment, while agreeing to more transparency on monetary policies after rifts over the US taper.

Finance ministers and central bank governors from the G20, which accounts for 85 percent of the world economy, also expressed "deep regret" that reforms to the International Monetary Fund have stalled with the United States yet to ratify them.

After their meeting in Sydney, they issued what host Australia called "an unprecedented" and unusually brief two-page statement to drive "a return to strong, sustainable and balanced growth in the global economy".

"We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than two percent above the trajectory implied by current policies over the coming five years," they said in reference to two percentage points.

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