G20 Delivers Growth Strategies

G20 agree to strategies for 1.8% global growth

The Group of Twenty (G20) finance ministers and central bank governors agreed to deliver strategies to help achieve 1.8% of additional growth across the global economy.

Australia's treasurer Joe Hockey explained this means the G20 are 90% of the way to meeting the 2% global growth ambition.

"The world economy is gaining some momentum, though it is uneven and risks remain. We must avoid being complacent," he said.

"The G20 recognises that many of the decisions and actions to get the world economy moving are difficult. But we are determined to lift growth, and countries are willing to use all our macroeconomic levers - monetary, fiscal and structural policies - to meet this challenge."

"Genuine measures have been put forward by all G20 economies. Around 80% of these 1,000 measures are new. We will now redouble efforts and hold each other to account on meeting this target as we go forward."

Hockey added that it was agreed to shift from government-led growth towards private sector-led growth, particularly from extra infrastructure investment.

"To meet this, we have agreed to a global infrastructure initiative which will include member country commitments to boost investment through best-practice planning and development."

"We have delivered on our core commitments to build a stronger financial system to make the economy and the financial system more resilient," he said.