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G20 finance ministers agree to lift global growth target

February 23, 2014

SYDNEY, 23rd February, 2014 (WAM) -- The G20 Finance Ministers meeting has agreed to target a lift in global growth that is 2 percent higher than current forecasts over five years.

In his final address at the conference, Australian Federal Treasurer, Joe Hockey, said that hitting the target would represent an increase in global GDP of more than $2 trillion.

According to Australian ABC News, Mr. Hockey said reaching the goal would require increasing investment but that it could create "tens of millions of new jobs."

"In a major step forward, the G20 Finance Ministers and central bank governors have decided to put a number on our aspiration," Mr. Hockey said.

"We are committed to implementing policies that aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the next five years.

"Put differently, our policies could deliver over $2 trillion more in real economic activity and tens of millions of new jobs."

Mr. Hockey said the ministers will be laying down concrete policies in Brisbane at the end of the year.

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Source: Emirates News Agency (WAM) (United Arab Emirates)

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