The Group of 20 (G20) leaders urged in a communique here on Monday on further collective actions to achieve strong, sustainable and balanced growth that is inclusive and creating more and better quality jobs.
After two-day discussions over some of the most pressing economic, financial issues, the leaders agreed to do more to revive an anemic global economic recovery. In the communique issued at the end of the summit, the G20 members said the global economic growth remains "uneven" and falls short of expectations, adding that weak demand and structural problems have hampered actual and potential growth.
They pledged to remain committed to achieving the goal of lifting the collective gross domestic product (GDP) of the G20 economies by an additional two percent by 2018, an agreement reached in last year's summit in Australia's Brisbane.
To do that, the leaders said G20 member economies will continue to monitor the implementation of the commitments and adjust their growth strategies to ensure that they remain relevant to evolving economic conditions.
The summit came at a time when the world has been struggling to materialize a strong, sustainable and balanced growth. Growth is not picking up, trade is weak, and investment is slowing down. Some experts cautioned that a recession is imminent.
Early in November, the Organization for Economic Co-operation and Development trimmed its forecast for global economic growth to 2.9 percent this year and 3.3 percent in 2016, down from the previous predictions of 3.0 percent and 3.6 percent.
The International Monetary Fund (IMF) has also made similar pessimist projections recently. In Monday's communique, the G20 leaders said that they will "carefully calibrate and clearly communicate" actions on major monetary and other policy decisions to "mitigate uncertainty, minimize negative spillovers and promote transparency."
At the summit, the G20 leaders believe that the World Trade Organization is the backbone of the multilateral trading system and should continue to play a "central" role to promote economic growth and development.
"We will continue our efforts to ensure that our bilateral, regional and plurilateral trade agreements complement one another, are transparent and inclusive... and contribute to a stronger multilateral trade system under WTO rules," the leaders said.
To reform the international tax system, the leaders endorsed the measures under the Base Erosion and Profit Shifting project, and urged wide and consistent implementation.
On IMF reforms, the leaders said they are "deeply disappointed" with the continued delay in carrying out the 2010 quota reforms, and urged the the United States to ratify these reforms as soon as possible.
Additionally, the leaders also reaffirmed that they will remain committed to boosting job creation, investment, and promoting cooperation on eradicating poverty, anti-corruption, and improving energy efficiency.
The leaders also discussed the fight against terrorism and the refugee crisis. On the eve of the summit, a wave of terrorist attacks rocked the French capital of Paris, killing 129 people and injuring many more.
The Islamic State (IS) militant group has claimed responsibility. Turkey, the host, has also been subject to a spate of terror attacks, the biggest being twin suicide bombings that hit a peace rally in Ankara and killed a total of 102 people on Oct. 10.
In a separate statement, the G20 leaders condemned the "heinous" attacks in Paris and in Ankara, and reaffirmed that "terrorism cannot and should not be associated with any religion, nationality, civilization or ethnic group."
"We remain united in combating terrorism," the statement said. "The spread of terrorist organizations and significant rise globally in acts of terrorism directly undermine the maintenance of international peace and security and endangers our ongoing efforts to strengthen the global economy and ensure sustainable growth and development."
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