Set ambitious goals! This was the motto of the 2014 G20 summit held in Australia. The main statement the G20 finance meeting was the pledge to find extra $2 trillion for the world economy. First of all, the world economy will need to grow at least 2% of GDP over the next five years. A clear global growth target is half the battle. According to international monitors, finance chiefs from the 20 largest economies have set specific target with actual figures for the first time. Even despite the fact there were some controversies over lots of key issues, the common goal made the decision-making process easier. The G20 said the global economy risks the era of slow growth. "The widespread deceleration in productivity since the crisis could presage the beginning of a new low-growth era," warned Pier Carlo Padoan, deputy secretary-general and chief economist at the Paris-based OECD. Bank of India governor Raghuram Rajan emphasized that the drive for growth-boosting policies was a “domestic political battle”. The IMF’s latest forecasts point to global growth of 3.7% this year, saying the recovery from the great recession has been “disappointing”. Amid these conditions, G20 finance ministers and central bank governors pledged to develop and adopt specific measures which will contribute to growing investments, employment, and global competition. Now, when the summit is over, each country must draft and introduce its plan containing details of strategy to achieve these goals. Experts say the measures that will be presented by governments of different countries will differ drastically and parties will have to come to a compromise. The next G20 meeting will take place in Brisbane.
