G20 Economics Decisions Set to Have Global Impact

Steven Petrov
The Paw Print

Financial ministers and the heads of all the central banks of G20 have reached the mutual agreement that a 2% increase of the total GDP of G20 in the next 5 years is both realistic and achievable. They concluded that it would have an enormous impact over these countries economies, as well as over the global economy as a whole.
One of the main arguments why this increase would have such a significant impact is the fact that such a minimal increase would result in more than $2 trillion increase in the G20 budget, which will in turn create tens of millions of working opportunities.
The 20 biggest and most powerful economies in the world recognized the fact that the dealing with the severe economic problems will not be an easy task. Many of these problems vary from country to country and have inner specifics. The G20 believe that the key to success is in the structural reforms.
The US financial minister, Jack Lew, also talked about the slow economical rehabilitation throughout the world, and that even though things have started to move in the right direction, the demand remains low. He also talked about the importance of concentrating G20’s powers in creating and implementing different improvement strategies. This would be beneficial in resolving the short-term economical issues like high unemployment, uneven economic development, as well as low demand in the local market.
The US Financial minister announced that president Obama would soon expose the government’s plans for development and growth. There will be no major surprises in the ideas for improving the US economy, and they will be mostly focused on infrastructural projects, which will represent many new working opportunities, ensuring the economical growth of the US.
The G20 representatives expressed their sincere concerns about the lack of improvements and developments in the International Monetary Fund’s reform, which was put in motion in 2010. They urged the US to ratify the reforms to April. The latest IMF’s predictions show a global growth of 3.7% this year and 4% in 2015.