G20 sets growth goal

|By:, SA News Editor

The G20 has set a global growth target for the first time at a meeting in Sydney, with the aim being to lift the group's collective GDP by "more than 2% above the trajectory implied by current policies over the coming five years."

The G-20 hopes to generate over $2T in extra growth and create tens of million of new jobs.

Germany's Finance Minister Wolfgang Schaeuble, though, doesn't appear to be overly convinced by it all. "What growth rates can be achieved is a result of a very complicated process," Schaeuble said. "The results of this process cannot be guaranteed by politicians."

The G-20 has no plans about how it will reach its target or what happens if it fails. Australian Treasurer Joe Hockey hopes each country will have a plan for themselves by the time of the next G20 meeting in November.