two percentage points of growth for the world economy are indeed very ambitious. But all G20 countries would give a lot of effort, said the Australian Treasurer Joe Hockey before a meeting with his counterparts and central bankers of the G20 on Saturday in Cairns. He pointed to more than 900 initiatives to achieve the two per cent target.
Finance Minister Wolfgang Schäuble supports this, given growth programs on credit but again a rejection. According to information from the delegation circles CDU politician warned of “possible bubbles on stock and real estate markets”. What help in the short term, mountains medium and long term risks, Schaeuble had said in the G20-round. He had campaigned for sound public finances, the implementation of agreed measures as well as more private investment in infrastructure.
Even Russia is to summit participate
The G20 countries aim to ensure that the global economy within two percentage points from five years as compared to 2013 At length than previously forecast. This means an estimated economic growth of two trillion dollars. For this is to submit national strategies of each G20 country. The “Brisbane Action Plan” will then be finally agreed in Brisbane at the G20 summit of Heads of State and Government in November.
Russia will participate in the summit, despite its role in Ukraine conflict. The G20 had agreed to, despite all the differences to keep the door open for Russia, stressed hockey. Previously there had been from some G20 countries criticism of participation of Russian President Vladimir Putin. Hockey said he had consulted a number of countries. This would be in favor of a participation of Russia at the summit. “If anyone is to be excluded for various reasons, then the consent of all the G20 is necessary,” he said.
950 measures to promote growth
are According to data from G20 circles so far some 950 measures for the “Two in Five” before. Would this implemented, an additional boost to growth of 1.8 per cent by 2018 is possible. It consists of ambition, with further measures to achieve the two-percent target until the summit in Brisbane.
Some states and the International Monetary Fund (IMF) to require Germany more spending to boost domestic demand. Schaeuble had said before the G20 meeting also with regard to the policy of cheap money “. The scope of the demand side and on the monetary policy for the promotion of sustainable growth (…) generally low” Treasury Secretary Jack Lew had previously appealed to countries with export surpluses such as Germany, to boost domestic demand.
women’s quota has high priority
Schäuble warned to according to data from delegation indicated that a reliable policy was necessary also to ” “to have room for maneuver because of the geopolitical risks such as the Ukraine crisis. Sustainable growth is possible only with structural reforms and growth-friendly fiscal consolidation. An expansionary monetary and fiscal policies valley the pressure for reform.
As part of the German growth strategy for the two-percent target of the G20 Schäuble pointed reported to have additional infrastructure investment and more spending on research and education. At the national strategy also belong, the proportion of women in employment to increase and reduce long-term unemployment. Similarly, the development of renewable energy, measures to promote private investment as well as a more flexible working life.
G20 want tax loopholes close
The G20 ministers wanted on the two-day meeting was also the first recommendations of the industrialized countries organization OECD in the fight cheap to tax loopholes large corporations. “We believe this is certainly the most prominent step towards modernization of the international control system for 100 years,” said OECD Secretary-General Angel Gurria before the meeting. He handed in hockey OECD recommendations for measures against profit shifting and aggressive tax planning
Video:. G20 summit in the shadow of the Syria conflict
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