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The G20 reduced to 1.8 percent target additional growth until 2018
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The G20 today downgraded the aim of further growth of the global economy from 2 to 1.8 percent over the forecast until 2018, due to an uneven and weaker than expected recovery and the low rate of job creation.
adjustment of the estimate by the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) after analyzing the 900 measures that finance ministers and central bankers from the G20 presented at the meeting which ended in Cairns (Australia).
The Australian Treasurer, Joe Hockey , said after the meeting that these proposals will be injected into the economy $ 2 billion (1.5 billion euros) and create millions of jobs in the next five years.
“Today We are 90 percent to reach our goal of growing an additional 2 percent we set (in February ) in Sydney. We are committed to strengthen and achieve growth target at the summit of leaders from Brisbane (in November), “Hockey said.
” While the global economy is recovering, growth is uneven and there are some risks evident. It’m optimistic about what we can achieve if we work together, “said
.
The IMF managing director, Christine Lagarde , said the 900 measures ” there is potential “to achieve further growth of 1.8 percent, which called for economic policies that contribute to a more robust and job-creating recovery.
” The concern is that the objectives growth also go along with the job. We need to focus more on labor reforms and the labor market offers more opportunities for both goals are achieved, “he said.
Lagarde attributed the low and uneven economic growth to increased” geopolitical tensions “Ukraine and the Middle East and the risk of destabilizing financial markets.
The agreements reached at the meeting, Lagarde said that the next step should be the implementation of all these measures for what it offered the cooperation and assistance of the IMF.
The reduction of growth target occurred after the OECD revised down its forecast for its member countries for 2014 and 2015, especially in the eurozone where several members of the G20 called for greater efforts .
The Treasury Secretary USA , Jack Lew, urged Europe to boost short-term demand and to address long-term structural as the best combination to boost growth reforms, although he admitted “philosophical differences” with several of his European colleagues.
“Discussions over the weekend have shown a growing recognition that Europe must do more (…). My concern is that if these efforts headwinds are delayed will become stronger, “Lew said.
The Spanish Economy Minister Luis de Guindos , said that the economy Spanish “not immune” to the European slowdown, but expressed confidence in the measures taken by the European Central Bank, as the depreciation of the currency euro has given a boost to exports.
The meeting G20 ministerial ended with an agreement to create a global initiative to promote infrastructure including the implementation of a multi-year agenda to help link projects with both public and private investors.
It also outlined a plan which will be approved next November in Brisbane- to increase the consistency of banks under the Basel III rules, which impose higher capital requirements for systemically important banks to protect taxpayers in the event of bankruptcy.
In addition, The G20 reiterated its commitment to implement the plan in 2015 against the erosion of the tax base and the movement of benefits (BEPS) of the OECD to prevent tax evasion by multinational companies and adopted to implement between 2017 and 2018 a system of exchange of information to prevent tax evasion.
The G20 members are European Union, G7 (USA, Canada , Japan, Germany , UK, Italy and France), Saudi Arabia, Argentina, Australia, Brazil , China, South Korea, India, Indonesia, Mexico, Russia, South Africa and Turkey.
Spain attends meetings as the guest since 2010 EFE
jcp / grc / mr
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