G-20 Vows to Boost World Economy by Unprecedented $2 Trillion

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By Associated Press | February 23, 2014

Last Updated: February 23, 2014 7:27 am

Managing Director of the International Monetary Fund Christine Lagarde gestures as she delivers a closing statement to the media during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)

SYDNEY — Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years.
Australian Treasurer Joe Hockey, who hosted the Group of 20 meeting in Sydney, said the commitment from the G-20 finance ministers and central bankers was “unprecedented.”
The world economy has sputtered since the 2008 financial crisis and global recession that followed. Progress in returning economic growth to pre-crisis levels has been hampered by austerity policies in Europe, high unemployment in the U.S. and a cooling of China’s torrid expansion.
The centerpiece of the $2 trillion commitment made at the Sydney meeting is to boost the combined gross domestic product of G-20 countries by 2 percent above the levels expected for the next five years, possibly creating tens of millions of new jobs. World GDP was about $72 trillion in 2012.
The G-20 combines the world’s major industrialized and developing countries from the United States to Saudi Arabia and China, representing about 85 percent of the global economy.
The communique from the meeting said signs of improvement in the global economy are welcome but growth remains below the rates needed to get people back into work and to meet their aspirations.

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