World News

G20 Pledges to Boost World Economy

Finance heads from the 20 largest economies have wrapped up a two-day conference in Sydney, Australia with an agreement to implement policies that will boost world GDP (Gross Domestic Product) by two percent over five years.

An unusually brief two-page statement issued Sunday vowed to drive a return to strong, sustainable and balanced growth in the global economy.

However, the statement also expressed "deep regret" that International Monetary Fund reforms to give more say to emerging market economies had been blocked by the U.S. Congress.

The G20 brings together finance ministers and central-bank governors from the G20 group of nations.

The grouping accounts for 85 percent of global production, and two thirds of the world's population. Its aims are to conquer economic uncertainty, foster growth and create jobs.

The next G20 heads of government summit will be held in the Australian city of Brisbane in November.

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