The G20 group of nations have promised to work towards adding $2tn (pounds 1.2tn) to the global economy over the next five years but are yet to endorse a clear action plan to reach their target.
Finance ministers and central bank governors from the world's biggest developed and emerging market economies set the goal to increase global growth by at least two percentage points after two days of meetings in
The joint pledge marked a shift away from previous G20 discussions around austerity and was welcomed by host nation
But while the communique at the closing of the meeting hailed the prospect of new jobs as the global recovery gathers steam, the G20 nations were cautious in their optimism. The communique, published yesterday, said there was "no room for complacency".
"We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2% above the trajectory implied by current policies over the coming five years," the document said
"This is over US$2tn more in real terms and will lead to significant additional jobs. To achieve this we will take concrete actions across the G20, including to increase investment, lift employment and participation, enhance trade and promote competition, in addition to macroeconomic policies."
But detailed plans to achieve the growth are yet to be provided.
In an acknowledgement of concerns about the impact of the US Federal Reserve's tapering programme, the official communique said all central banks "maintain their commitment that monetary policy settings will continue to be carefully calibrated and clearly communicated". Central banks were urged to be "mindful of impacts on the global economy".
The Australian treasurer,
Hockey signalled that each country's contribution to the target would vary, saying it was a combined goal. The G20 did not engage in "central planning" of individual economies, he said. The IMF managing director,
US Federal Reserve chair
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