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Make bold commitments for growth, jobs: B20 to G20

IANS 14 Nov 2014, 14:49:04 PM IST

Brisbane: The Business 20 (B20), a grouping of business leaders of G20 members, Friday called on G20 leaders to commit to a bold reforms agenda and ambitious individual country growth strategies when they meet in Brisbane at their annual Summit this weekend.

The B20 is a forum through which the private sector produces policy recommendations for the annual meeting of the G20 leaders. It brings together business leaders from across G20 member countries to reflect the key role of the private sector as the main driver of economic growth.

Richard Goyder, B20 Chair, said the G20 is being urged to make commitments in five key policy areas: finance, human capital, infrastructure, trade and transparency to drive growth and employment outcomes, Xinhua reported.

"The B20 welcomed the finance ministers' decision earlier this year to set a growth target of two percent above expectations over the next five years. But sustainable growth will require business investment driven by more than just confidence," he said.

"The enabling environment for business must be improved to stimulate investment, enhance productivity and increase economic activity and growth."

The Organisation of Economic Cooperation and Development's (OECD) latest Economic Outlook found the global economy was still stuck in low gear but it was expected to accelerate gradually if countries implemented growth supportive policies.

"The report found that reforms to tax, trade, labour and product markets will benefit domestic investment and global trade, and support greater employment and consumption around the world," Goyder said.

He said the B20 has made 20 recommendations to the G20, which if implemented, would easily exceed the additional two percent growth target and create millions of new jobs.

Nearly 30 business leaders from 18 of the G20 countries will attend Friday night's meeting with G20 leaders.