World economy: G20, US, China vow to turnaround

G20 nations including the United States and China said yesterday they can overcome geo-political tensions and financial risks to achieve extra combined growth of 1.8 percent, adding trillions of dollars to the world economy.
Their two-day meeting in Cairns was focused on developing a suite of policies to reach an ambitious goal of raising the total GDP of the 20 major world economies by two percent above current projections over the next five years.
Finance ministers and central bank governors, including US Federal Reserve Chair Janet Yellen, want to take their plan to the G20 leaders’ summit in Brisbane in November.
In a communique, they said that the 1,000 measures agreed so far — including to accelerate infrastructure investment, financial reform and encourage free trade — could add 1.8 percent to GDP and create millions of new jobs.