G20 leaders determined to step up their efforts to achieve strong, sustainable, and balanced growth

The G20 Australia Summit was held on 15 and 16 November 2014. Leaders from the G20 economies met and discussed the opportunities and challenges that lay ahead. The communiqué issued at the end of the Summit stressed the need for strong, sustainable, and balanced global growth, and the creation of millions of quality jobs. The B20 group, which represents the business community, has welcomed the commitments of the G20 Leaders.

The 2014 G20 Australia Summit was the ninth meeting of the G20 heads of governments; the hosting venue was the Brisbane Convention & Exhibition Centre at South Brisbane.

At the summit, uplift of global growth was recognized as the top priority by the G20 members; the Summit was also attended by several guest countries so that they too could share their concerns and understand the role of the G20 leaders in shaping up the global economy. Addressing economic development, as the leaders agreed, is crucial in order to ensure better living standards and create quality jobs for young people all over the world.

The G20 leaders committed to stepping up their efforts to overcome the challenges that have held the global economy back by implementing large-scale structural reforms. The reforms will be targeted at uplifting growth and increasing private sector activity.

At the 2014 Summit, the heads of the governments also set an ambitious goal to raise the Gross Domestic Product (GDP) of the G20 economies by an additional 2 per cent, which is likely to generate an extra US $2 trillion for the world economy and millions of quality job opportunities. Leaders also decided that G20 Australia members will be held accountable to implement the agreed growth strategies in their countries so that the goal can be achieved within the stipulated time period (the deadline is 2018.

The Summit also emphasized the need to cut down the unemployment rate across the world, which is unacceptably high. The Employment Plans of the G20 leaders include large-scale investments in apprenticeships, education and training. The plans also include incentives for hiring the young and encouraging them in entrepreneurship.

The 2014 G20 Australia Summit ended on a very positive note. Mr. Richard Goyder AO, B20 Chair, said the international business community welcomed commitments made by G20 leaders on infrastructure, human capital, financial regulation, trade and anti-corruption. (It is to be noted that the B20 – which is a body of international businesses from the G20 economies – plays a notable role in the formulation of the policy recommendations for the annual meetings of the G20 leaders.)

The G20 leaders met and discussed the global economy in detail in the 2014 G20 Australia Summit. They agreed on many key economic issues, and committed to put their plan into action within the set time frame. For more on G2O Australia and G20 Summit News, please read our other articles.

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