BRISBANE, Australia — World leaders on Sunday prepared to release details of a plan aimed at injecting life into the world’s listless economy, with infrastructure investment and the lowering of trade barriers flagged as key components of the initiative.
Leaders of the world’s 20 largest economies, wrapping up a two-day gathering in the Australian city of Brisbane, were hammering out the final components of a plan to boost global GDP by more than 2 percent above expected levels over the next five years, which amounts to about $2 trillion.
“That is millions of jobs and trillions of dollars in extra production,” said Australian Prime Minister Tony Abbott in an address to the G20 conference. “Yes, we want freer trade, and we will deliver it. Yes, we need more infrastructure, and we will build it.”
G20 nations, which represent 85 percent of the global economy, are under pressure to take definitive action at this year’s summit, rather than producing a set of vague, unmeasurable goals. The International Monetary Fund has warned about a “new mediocre” for the world economy, putting renewed focus on the G20’s growth initiative.
The final communique, to be issued later Sunday, will be based on individual plans submitted by each G20 country, outlining how they will achieve their contribution toward the growth target. World GDP this year is about $77 trillion.
Australian Treasurer Joe Hockey said the group’s strategies include 1,000 measures that will lift infrastructure investment, increase trade and competition, cut red tape and increase employment.
“While we still face economic challenges in many parts of the world, I’m optimistic our 2 percent commitment will deliver the growth the world needs,” Hockey said.
But rights groups such as the Civil Society 20 group, or C20, want assurances that the poor will benefit the most from the plans, estimating that the additional growth could lift 1 billion people out of poverty if it was poured into the poorest 20 percent of G20 households.
Although Abbott has sought to keep the summit focused on the growth plan, he has faced pressure to add issues such as the Ebola crisis in West Africa and climate change to the agenda.
In between official talks, leaders have taken time to enjoy a bit of Aussie culture. A photo of a smiling Abbott and Russian President Vladimir Putin standing side-by-side while holding koalas was a rare lighthearted moment in an otherwise frosty atmosphere surrounding the Russian leader’s presence. Putin has come under fire from multiple leaders at the summit over the escalating conflict between Russia and Ukraine.
The leaders also enjoyed an Aussie barbecue at the state Parliament House, feasting on king prawns, oysters, lamb and pavlova, a popular meringue dessert generally served with fruit and whipped cream.
