G20 Leaders Vow To Boost Global GDP By Over $2 Trillion

By siliconindia | Monday, 17 November 2014, 05:37 Hrs

The statement came soon after Russian President Vladimir Putin left the summit venue where he faced concerted Western anger over the Ukraine crisis and the downing of Malaysia Airlines Flight MH17 over eastern Ukraine in July.

It said the measures to lift investment, increase trade and competition, and boost employment, along with the macroeconomic policies, will support development and inclusive growth, and help to reduce inequality and poverty.

The G20 leaders agreed to set up a Global Infrastructure Hub with a four-year mandate to contribute to developing a knowledge-sharing platform and network between governments, the private sector, development banks and other international organisations.

They also welcomed the launch of the World Bank Group's Global Infrastructure Facility, saying "We support similar initiatives by other development banks and continued cooperation amongst them."

"We need policies that take full advantage of global value chains and encourage greater participation and value addition by developing countries," the statement said.

"Our actions to increase investment, trade and competition will deliver quality jobs. But we must do more to address unemployment, raise participation and create quality jobs," it added.

The leaders agreed to reduce the gap in participation rates between men and women by 25 per cent by 2025 aimed at bringing more than 100 million women into the labour force.

They expressed strong commitment to reduce youth unemployment by acting to ensure young people are in education, training or employment.

Source: PTI