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Global growth

Shalveen Chand
Friday, August 22, 2014

FIJI and other countries in the region will soon to feel the effects of the strengthening of the economies of the world superpowers that form the G20 or the Group of Twenty.

Australia's special representative to the G20 Daniel Sloper said the G20 nations wanted to help smaller economies so the world GDP could be increased by 2 per cent.

He said for this to happen, the Pacific through its regional organisation had to establish, economic, trade and policy links.

He said after the 2008/2009 recession, members of G20 started to make progress but the effect of this would trickle to the Pacific in a long-term plan.

He said G20 leaders met annually and in addition, finance ministers and central bank governors met regularly during the year to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation and implement the key economic reforms that were needed in each member economy.

Mr Sloper said over the past five years, the G20 had framed the world's efforts to restore growth and build the resilience of financial institutions and national economies.

He added it led the world out of an economic crisis and through the initial stages of the recovery.

According to Mr Sloper, with the world now free from immediate economic crisis, the G20 could increasingly shift its attention to driving practical actions that would lead to sustained global growth.

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