WRAPUP 2-G20 support builds to adopt ambitious target for global growth

Fri Feb 21, 2014 11:00pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* G20 looks set to support goal of faster growth over five years

* Growth to come through structural reforms, which may be unpopular

* Emerging markets seek coordination with Fed to avoid "surprises"

By Wayne Cole and Gernot Heller

SYDNEY, Feb 22 (Reuters) - The world's top 20 economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to coordinate policies to avoid "surprises" that could roil emerging markets.

Opening the two-day meeting of the Group of 20 finance ministers and central bankers on Saturday, Australian Treasurer Joe Hockey said support was building for setting a numerical goal for growth.

"I have a great sense of hope that this G20 meeting will be able to lay down a real and tangible framework for an increase in the growth of the global economy over the next five years," said Hockey, who is hosting the Sydney gathering.

If adopted, the plan would mark a departure for the G20, as previous attempts to set fiscal and current account targets have dissolved into bickering. And while a target would largely be aspirational, it would mark a sea change from recent meetings where the debate was all about growth versus budget austerity.

France's finance minister, Pierre Moscovici, welcomed a goal of lifting world growth by a total of 2.5 percentage points over five years, calling it ambitious but "not unrealistic".   Continued...