G-20 urged to help lift global economy

A group of 30 small and medium-sized countries convened by Singapore yesterday called on leaders of the Group of 20 (G-20) economies to continue structural reforms and create quality jobs to boost the recovery of the global economy.

The Global Governance Group (3G) made this call in a statement ahead of a meeting of leaders of the world's biggest economies that begins tomorrow in Hangzhou, China.

The 3G said that pressing on with such reforms and job creation will help support mid- to long-term global economic growth. The 3G also welcomed the G-20's focus on innovation, the new industrial revolution and the digital economy to drive long-term economic growth.

However, the volatility of international financial markets remains a potential risk to global economic recovery, the 3G noted. It urged the G-20 to "continue its efforts towards fostering a more stable and resilient international financial architecture", to safeguard international financial stability and strengthen global economic resilience.

The 3G also said an open, rules-based multilateral trading system under the World Trade Organisation is essential. It encouraged the G-20 to reaffirm its commitment to strengthen international trade and investment cooperation, reduce barriers to trade, and resist protectionism in all forms. The 3G added it appreciated China's leadership of the G-20 this year, and its efforts to engage non G-20 members.

Pearl Lee

A version of this article appeared in the print edition of The Straits Times on September 03, 2016, with the headline 'G-20 urged to help lift global economy'. Subscribe