Global growth: G20 pledges ‘ambitious’ steps

WASHINGTON: The Group of 20 (G20) economic powers pledged “ambitious” steps on Friday to spur growth and job creation to get the crisis-scarred global economy back on track.

“We have agreed that while progress has been made, further actions are required to make growth strong, sustainable and balanced,” said the group, which accounts for 90% of global output. Among the steps needed is strengthening the euro-zone’s economic and monetary situation, “including through an urgent movement toward banking union” and bolstering banks’ balance sheets.

But the G20 also urged the United States and Japan, both undertaking strong efforts to expand domestic demand, to quickly fashion “credible” medium-term plans for reeling in their huge debt and deficit loads. They gave a cautious endorsement of Japan’s huge monetary stimulus program, agreeing it was necessary to boost the country’s stagnant economy. The group called for the global adoption of standards for sharing bank account information in an effort to fight tax evasion and curtail banking secrecy.

Published in The Express Tribune, April 21^st, 2013.

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