G20 meeting targets an additional 2% economic growth

Financial leaders from the 20 biggest economies have set a goal of generating $2 trillion (£1.2 trillion) in extra output over the next five years.

During that period they aim to boost the gross domestic product of G20 countries by 2% above the levels currently expected.

It is hoped the move will create tens of million of new jobs.

The goal was announced at the Group of 20 weekend meeting in Sydney. The main G20 meeting is in Brisbane in November.

‘Unprecedented’

US Treasury Secretary Jacob Lew said the agreement was essential for “turning the next page” in the global economic recovery.

“G20 members have spoken clearly: boosting growth and demand tops the global economic agenda,” he said in a statement.

And Australian Treasurer Joe Hockey heralded the announcement from finance ministers and central bankers as being “unprecedented”.

He added: “We are putting a number to it for the first time – putting a real number to what we are trying to achieve.”

The communiqué from the group, which represents about 85% of the global economy, also said they would take concrete action to increase investment and employment.

The G20 major industrialised nations include the US as well as emerging economies such as Saudi Arabia and China.

Each country will now present a detailed growth strategy to the G20 November summit.