G20 Sets Growth Target

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  • TEMPO.CO, Jakarta - The group of 20 (G20) from major economies in the world, which includes 19 individual countries and the European Union (EU), has set a two percent global growth target over the next five years. Heather Smith, the Australian G20 Sherpa, said that there was uneven growth and they still had not seen a strong recovery in the global economy. She added that there was a deficit of infrastructure and the world needed US$ 17 trillion in infrastructure investment.

    "This is the reason why we are focused on this," she said during a media briefing at Four Seasons Hotel, Jakarta, on August 31. Smith added that this is the first time the G20 had ever set a target.

    The growth target will be in the agenda of discussion during the upcoming summit, held in Brisbane, Australia, in November 2014. Smith mentioned that the countries should focus on four different areas, investment in infrastructure, labor market, trade facilitation and policy reforms. "We have asked each country to submit their growth strategy," she added.

    Another key focus of the G20 summit is around female participation in the workforce. "How do we increase female participation which is good not only for the economic growth but for development and poverty reduction," said Smith.