G-20 Agrees to Use All Policy Tools for Faster Growth

Antalya, Turkey, Nov. 16 (Jiji Press)--Leaders of the Group of 20 major and emerging economies ended their two-day meeting in Antalya, Turkey, on Monday with an agreement to take all possible measures in a bid to spur economic growth. "We recognize that advancing inclusive growth and entrenching confidence require the use of all policy tools and strong engagement with all stakeholders," the leaders said in a communique issued after the summit. "Global economic growth is uneven and continues to fall short of our expectations," the leaders said. "Risks and uncertainties in financial markets remain, and geopolitical challenges are increasingly becoming a global concern," they warned. "A shortfall in global demand and structural problems continue to weigh on actual and potential growth," the statement said, underlining the need to promote economic structural reforms. The statement noted that the Organization for Economic Cooperation and Development estimates that G-20 country-specific investment strategies are estimated to push up the proportion of the group's overall investment to its combined gross domestic product by one percentage point by 2018. "To provide a strong impetus to boost investment, particularly through private sector participation, we have developed ambitious country-specific investment strategies" including programs to improve the investment ecosystem and productivity, the statement said. For its part, Japan promised investment in high-quality infrastructure in the summit. On climate change, the G-20 leaders said, "We commit to work together for a successful outcome" of the 21st session of the Conference of the Parties to the U.N. Framework Convention on Climate Change, or COP 21, in Paris from Nov. 30. In the development field, the leaders confirmed their policy of making efforts to eradicate poverty. The leaders endorsed the Base Erosion and Profit Shifting, or BEPS, project, new international taxation rules compiled by the OECD in order to prevent tax evasion by multinational companies. From Japan, Prime Minister Shinzo Abe and Deputy Prime Minister and Finance Minister Taro Aso took part in the G-20 summit. Abe explained new three arrows of his Abenomics economic policy mix and underscored Japan's resolve to contribute to the global economic growth. The next G-20 summit will be held in Hangzhou, China, in September 2016. END