Editor in Chief: Moh. Reza Huwaida Thursday, May 2nd, 2024

G20 Leaders Pledge Further Actions to Boost Economic Recovery

G20 Leaders Pledge Further  Actions to Boost Economic Recovery

ANTALYA - The Group of 20 (G20) leaders urged in a communique here on Monday on further collective actions to achieve strong, sustainable and balanced growth that is inclusive and creating more and better quality jobs.

After two-day discussions over some of the most pressing economic, financial issues, the leaders agreed to do more to revive an anemic global economic recovery.

In the communique issued at the end of the summit, the G20 members said the global economic growth remains "uneven" and falls short of expectations, adding that weak demand and structural problems have hampered actual and potential growth.

They pledged to remain committed to achieving the goal of lifting the collective gross domestic product (GDP) of the G20 economies by an additional two percent by 2018, an agreement reached in last year's summit in Australia's Brisbane.

To do that, the leaders said G20 member economies will continue to monitor the implementation of the commitments and adjust their growth strategies to ensure that they remain relevant to evolving economic conditions.

The summit came at a time when the world has been struggling to materialize a strong, sustainable and balanced growth. Growth is not picking up, trade is weak, and investment is slowing down. Some experts cautioned that a recession is imminent.

Early in November, the Organization for Economic Co-operation and Development trimmed its forecast for global economic growth to 2.9 percent this year and 3.3 percent in 2016, down from the previous predictions of 3.0 percent and 3.6 percent. The International Monetary Fund (IMF) has also made similar pessimist projections recently.(Xinhua)