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BRISBANE, Australia – Under pressure to jolt the stubbornly lethargic world economy back to life, leaders of G-20 nations on Sunday finalized a plan to boost global GDP by more than $2 trillion over five years by investing in infrastructure and increasing trade. The fanfare, however, was overshadowed by tensions between Russian president Vladimir Putin and Western leaders.
The communique from the summit of Group of 20 wealthy and emerging economies also revealed that the plan for jumpstarting growth includes the creation of a global infrastructure hub that would help match potential investors with projects. They also aim to reduce the gap between male and female participation in the workforce by 25 percent by 2025.
Speaking at the end of the summit in Brisbane, Australia's Prime Minister Tony Abbott said countries will hold each other to account by monitoring implementation of their commitments to boost growth.
The International Monetary Fund and OECD will also play a role in monitoring progress and estimating the economic benefits.
The G-20 communique says if the $2 trillion initiative is fully implemented, it would lift global GDP by 2.1 percent above expected levels by 2018 and create millions of jobs.
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