Ankara: As G20 summit opens in Turkey, the international community looks up to the leaders to come up with strong agreements to fulfil the mandate of promoting strong, balanced and sustainable growth across the globe.
Seven years after the global financial meltdown, there is still little sign that the world economy is on the right track back to strong recovery, Xinhua reported.
Growth is not picking up, trade is weak, and investment is slowing down. Some experts cautioned that a recession is imminent.
Earlier, the Paris-based Organisation for Economic Co-operation and Development (OECD) in its twice-yearly outlook trimmed the forecast for global economic growth to 2.9 percent from three percent earlier this year, and to 3.3 percent from 3.6 percent in 2016.
At last year’s summit in Australia’s Brisbane, the G20 set itself an ambitious goal to lift their gross domestic product by at least an additional two percent by 2018, agreeing on measures to lift investment, trade and competition, and employment.
Taking over the baton, Turkey, the host of the summit now, has highlighted the “three Is”, inclusiveness, implementation and investment, on G20’s agenda to revitalise a sluggish global economy.
The global economic governance also needs the determination and political will from the G20 countries to carry out key and necessary reforms, such as the 2010 International Monetary Fund quota reforms, and to finalise the long-stalled Doha round of trade talks as soon as possible.
As the two-day summit convenes, the G20 leaders are expected to discuss these key economic topics of inclusive growth, employment, and investment, as well as financial regulation.
On the eve of the summit, a wave of terrorist attacks rocked Paris, claiming 129 lives and leaving over 350 people injured. The Islamic State (IS) militant group has claimed responsibility for the attacks.
The G20 is expected to put out a statement on fighting terrorism later Sunday.