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G20 grapples with growth targets as eurozone drags

G20 grapples with growth targets as eurozone drags

CAIRNS, Australia: Finance ministers from G20 nations meet in Cairns this weekend as they grapple with how to achieve a lift in global growth by two percent while being held back by a sickly eurozone recovery.

Strengthening global growth, creating jobs and how to achieve this is the Group of 20’s top priority under Australia’s rotating presidency, along with making the world economy more resilient to future shocks.

At a meeting in Sydney in February, finance ministers and central bank governors from the world’s biggest economies vowed to shift away from austerity and boost their collective gross domestic product by more than US$2.0 trillion over the next five years. To meet the goal they pledged to work on reforms to accelerate infrastructure investment, lift employment and enhance trade – but there are fears some countries are no longer fully committed, with many at different stages of the economic cycle.

The OECD this week cut its growth forecasts for most major advanced economies, with the global economy dragged by a sluggish eurozone, tension in Ukraine and the Middle East, and uncertainty over Scotland’s future.