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G20 Nations Pledge to Boost Global Economy


VOA News


Leaders of the G-20, representing the world's largest advanced and developing economies, adopted a plan to boost global economic growth by more than $2 trillion over five years, by investing in infrastructure and increasing free trade.

As the G-20 summit ended Sunday in Brisbane, the international leaders also pledged cooperation for strong action against climate change and support for an international response to the Ebola breakout in West Africa.

U.S. President Barack Obama said policies adopted by the G-20 could add 100 million jobs for women over the next decade and stiffen regulation of global corporations.

Australian Prime Minister Tony Abbott said nations will hold each other accountable by monitoring implementation of their commitments to boost growth.

"This year, the G-20 has delivered real, practical outcomes and, because of the efforts that the G-20 has made, this year, culminating in the last 48 hours, people right around the world are going to be better off and that's what it's all about,” Abbott said.

'American leadership'

Obama is facing contentious fights with opposition Republican lawmakers in Washington over immigration and construction of an oil pipeline through the central U.S. But he said the past week he spent in the Asian-Pacific region proved to be a "strong week for American leadership."

He said headway that was made will mean more jobs for Americans, steps toward a cleaner and healthier planet and progress toward saving lives, not just in West Africa, but elsewhere.

The G-20, which represents 85 percent of the global economy, has been plagued by weak growth in Europe, which could record its third recession in six years, as well as in China and Japan, the world's second and third biggest economies after the U.S.
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IMF's Lagarde Says Global Economy 'Looks Better'

 

VOA News


International Monetary Fund chief Christine Lagarde says that a large part of the world economy "looks better" than it did a year ago, but also warns there are risks remaining from the global recession in some countries.

The IMF managing director told a forum on Asia Sunday night in China that "growth continues to broaden and strengthen" throughout emerging and developing economies, and that the U.S. economy is showing signs of improvement.

She praised Asia's economic performance, noting that two-thirds of the global growth since the recession started in 2008 has occurred in Asian countries.

But Lagarde said there is a "patchy recovery" throughout the world, and that the overall improved economic fortunes do not amount to "enough of a real recovery." She said worries about low growth are centered in the 17-nation euro currency bloc in Europe, and that lack of agreement on financial policies in Washington could thwart growth in the American economy, the world's largest.

Lagarde said she expects the Asian economy to grow by 6 percent this year, well above the U.S. and European economies. But she said that for future economic success, Asian countries need to increase their spending on the health and training of future workers, increase the employment of women and protect the continent's environment.

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