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The final communique of the G20 summit is adopted: risks for the economy remain
The communiqué notes that increasing the rate of growth of the world economy to ensure a higher standard of living for people around the world is the top priority task of the GXNUMX, RIA Novosti reports.
The leaders of the GXNUMX countries stated that the risks for the economy caused by geopolitical tensions remain. "Risks still persist, including in financial markets and caused by geopolitical tensions," the leaders' communique says.
The document was adopted following the results of the two-day summit in Brisbane that ended this work.
The communiqué notes that boosting the growth of the world economy to ensure higher living standards and create quality jobs for people around the world is the GXNUMX's highest priority. "But the global economic recovery is slow, uneven and does not create the required number of jobs. Development of the global economy is constrained by a lack of demand, while the removal of supply-side constraints is a key measure to accelerate potential growth," the document says.
The growth of the economies of the G20 countries will increase the volume of the world economy to $ 2 trillion
Growth in the economies of the G2,1 countries will increase the volume of the world economy by 2%, to $ 2018 trillion by 2,1. "The analysis prepared by the IMF and OECD shows that our commitments, if fully met, will provide 2% growth. This will increase the volume of the global economy by more than $ XNUMX trillion and lead to the creation of millions of jobs," the summit's final communiqué says The Big Twenty.
"Our measures to increase investment, increase trade and increase competition and employment, along with our macroeconomic policies, will support development and inclusive growth, and help reduce inequality and poverty," the document says.
GXNUMX leaders call on US to ratify IMF reform
The leaders of the G2010 countries called on the United States to ratify documents related to the reform of the International Monetary Fund by the end of the year. “Implementation of reforms in XNUMX remains our highest priority for the IMF, and we urge the United States to ratify them,” the summit's final communiqué says. “If this does not happen by the end of the year, we instruct the IMF, based on the results of the work done. provide options for next steps. "
Leaders are also committed to maintaining a strong, quota-based and well-resourced IMF. "We reaffirm our commitments made in St. Petersburg and in this regard, we are deeply disappointed by the continuing delays in the implementation of the reforms related to quotas and governance, adopted in 2010, and the 2015 General Quota Review, which includes a new formula for calculating quotas," - underlined in the document.
Automatic exchange of tax information
G2018 countries will start automatic exchange of tax information by the end of 2017. "We will begin to exchange information with each other and other countries on an automatic basis by 2018 or by the end of XNUMX, depending on the timing of the completion of all necessary legislative procedures," the summit's final communiqué says.
For reference: "Brisbane Plan"
The Brisbane Plan, adopted by the GXNUMX leaders, reveals individual and collective action for countries in the group to achieve strong, sustainable and balanced growth and complements the final communiqué of the summit.
The document assesses the state of the world economy. Despite some improvements, "the overall dynamics of growth rates remain unsatisfactory, and the world economy is still far from achieving our main goal of strong, sustainable and balanced growth," the plan says.
"Growth has accelerated in some of the leading advanced economies, notably the United States, Britain and Canada, while recovery in Japan and the euro area remains subdued and inflation is well below target," the document says. "Despite vigorous and increasingly robust growth in some of the leading emerging market economies, including China and India, it is slowing in some other countries," it said. However, the leaders stressed that “many low-income countries are performing well”.
"The world economy remains vulnerable to shocks, financial instability persists, and existing risks are exacerbated by geopolitical tensions," the plan says.
Leaders say this “underscores the importance of having a clear plan that is backed by an appropriate mix of policy responses.” “The state of the global economy requires comprehensive and coherent policies that restore short-term demand, remove medium-term supply constraints, and build consumer and business confidence. ", - they noted.
“We have developed a number of comprehensive growth strategies, including macroeconomic and structural policies,” the document says. “These strategies include macroeconomic policies that respond to short-term demand challenges, as well as reinvigorating structural reforms to increase growth potential by stimulating better public and private investment, in particular in infrastructure; promoting competition; expanding trade and increasing employment and the share of labor participation, "it says.
The plan also refers to measures to improve macroeconomic cooperation and its results. Specifically, the leaders pledged to "refrain from competitive devaluation and not competitively exploit exchange rate targets." "We will resist all forms of protectionism by keeping our markets open," the plan says.
The document also deals with increasing and stimulating investment, promoting competition, expanding trade, increasing employment and participation in the labor force.