G-20: 'Brisbane Action Plan' adopted to revive growth
The sluggish world economy needs a shot in the arm; and adoption of 'Brisbane Action Plan' at the conclusion of G20 Summit 2014 reflects that desire.
Points to Note
- The plan is primarily aimed at boosting global GDP by getting all the major economies to implement about 800 reform measures ranging from labour market reform to removing trade barriers.
- The steps are estimated to expand the GDP of member nations by 2.1 per cent through to 2018.
- The growth will have a trickle-down effect on other smaller economies who are expected to grow a further 0.5 per cent by 2018.
- Members have collectively pledged to add over $2 trillion to the global economy to facilitate creation of jobs in millions.
- Investment in infrastructure will be expanded.
- Promise to reduce the gender gap in economic participation by 25% by 2025; this will add some 100 million women into the global labour force.
- IMF and OECD will monitor the implementation of these commitments and hold the defaulters to account.
- The 9th edition of the summit was hosted by Australia at Brisbane.
- Turkey will play host to the next G20 summit (2015) while the 2016 Summit hosting rights goes to China.
- The G20 troika now consist of Australia, Turkey and China.
- G20 troika is the three-member steering committee comprised of the immediate past chair (Australia), the current chair Turkey, and the next chair (China).
- US is the sole nation to have hosted the event twice :1st and 3rd (Pittsburgh) ; India has not held any.
About the Group
- The forum represents 85% of the world’s economy and two-thirds of the population.
- There are 20 member in the group: 19 countries and EU
- Member list : US, UK, France, Germany, Japan, Canada, Russia, (ie. G8) + Brazil, India ,China, South Africa (BRICS nation excluding Russia) + Australia , South Korea, Saudi Arabia, Turkey, Argentina , Mexico ,Italy and Indonesia.