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G20 Leaders' Summit Focuses on Growth and Jobs

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  • Posted: December 1, 2014

Australian Prime Minister Tony Abbott declared that jobs and growth are at the top of this year's G20 agenda, as leaders of the 20 largest economies in the world gather in Brisbane, Australia for the forum.  Financial analysts have high expectations for the summit, expecting members to cook up a plan to boost the global gross domestic product (GDP) by over $2 trillion.

Twenty finance ministers and bankers met in February earlier this year and agreed to over 900 initiatives that aim to increase the world's GDP by 2 percent over targets and potentially generate millions of jobs.  However, it remains to be seen as to how the world's economic powerhouses will reach the economic target. 

Every country is expected to present a comprehensive strategy during the forum, but "unlikely to reveal specifics," said an economics professor at Australia's Griffith University.  The professor does not expect the group to churn out a detailed roadmap for each country, but a commitment to inclusive economic growth that is "accessible to all individuals."

According to Australian Treasurer Joe Hockey, the group will achieve the economic target by focusing on driving growth in the private sector and increased investment in infrastructure.  G20 Studies Centre director Mike Callaghan also said the G20 leaders must focus on extra infrastructure spending, multilateral trading systems and preventing profit shifting and tax avoidance to produce significant results.

European leaders have expressed support for these strategies, with European Council President Van Rompuy and European Commission President Barroso stressing the importance of coordinated growth plans, anti-corruption and tax policies, and finalized financial reform agreements.