World Economy

G20 Meet Won’t Be a Talkfest

G20 Meet Won’t Be a TalkfestG20 Meet Won’t Be a Talkfest

Australian Prime Minister Tony Abbott Sunday vowed that the G20 leaders’ summit this week “won’t be a talkfest” as he hailed the economic meeting as the most important ever held in his nation.

Abbott reiterated that the forum, which will see the leaders from 20 of the world’s biggest developed and emerging economies gather in Brisbane on November 15 and 16, was resolute in its aim to lift growth, AFP reported.

“We have a very clear goal – to boost global economic growth by two percent above what is currently expected over the next five years,” Abbott said in a statement Sunday.

“All the countries of the G20, including Australia, will be detailing their growth strategies at this summit.

“It won’t be a talkfest. It’s an economic summit –- so it will focus on what can be done to create jobs, identify tax cheats and improve the world economy.”

Australia has sought to make economic growth the G20’s top priority since it assumed the rotating presidency, amid concerns the annual meeting has lost its way in recent years after it was upgraded to a leaders’ summit in 2008 to tackle the fallout from the global financial crisis.

G20 finance chiefs said after their September meeting in Cairns that they were set to achieve an extra combined 1.8 percent growth over the next five years under reforms agreed among member nations, with further measures needed to reach the two percent goal.

Abbott said three themes Australia had set for the meeting included strengthening the private sector to promote growth, making the world economy more resilient to future shocks, and shoring up global institutions.

“I am confident that the G20 summit will make a real difference to the lives of people right around the world,” he added.