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G20 draft communique pushes growth

Friday, February 21 11:28:50

The Group of 20 will commit to concrete measures to significantly raise global growth while recognising the need for monetary policy in advanced economies to normalise, Bloomberg News reported today, citing a draft communique.

"We commit to developing new measures to significantly raise global growth, while maintaining fiscal sustainability," Bloomberg quoted the draft for the weekend meeting of G20 finance ministers and central bankers in Sydney as saying. "We recognize accommodative monetary policy settings in advanced economies will need to normalize in due course, in line with stronger growth."

The draft, ahead of the communique's official release on Feb. 23, cites ambitious policies that could raise collective gross domestic product by "at least 2 percent" above the trajectory implied by current settings over five years, according to the report.