G20 Summit, 2014

Leaders of the world’s 20 developed and emerging economies, in their annula Summit meeting, held at Brisbane, Australia, vowed to boost global GDP by over $2 trillion over next five years by investing in infrastructure and increasing trade, aimed at boosting the global recovery amid geopolitical tensions.

In a three-page statement issued at the end of the Summit, the world leaders, including Prime Minister Narendra Modi and US President Barack Obama, said, “raising global growth to deliver better living standards and quality jobs for people across the world is our highest priority.”

The statement said that the global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth.

“This year we set an ambitious goal to lift the G20’s GDP by at least an additional two per cent by 2018. Analysis by the IMF-OECD indicates that our commitments, if fully implemented, will deliver 2.1 per cent. This will add more than $2 trillion to the global economy and create millions of jobs,” the statement said.

The statement came soon after Russian President Vladimir Putin left the summit venue where he faced concerted Western anger over the Ukraine crisis and the downing of Malaysia Airlines Flight MH17 over eastern Ukraine in July 2013.

The G20 leaders also agreed to set up a Global Infrastructure Hub with a four-year mandate to contribute to developing a knowledge-sharing platform and network between governments, the private sector, development banks and other international organisations. They also welcomed the launch of the World Bank Group’s Global Infrastructure Facility, saying “we support similar initiatives by other development banks and continued cooperation amongst them”.

Leaders at the G20 Summit also endorsed India’s concerns over black money and tax avoidance as they promised to modernise global tax rules and begin automatic exchange of tax information by 2018-end.

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