- 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.
G20 sets growth goal
Feb 23 2014, 04:02 ET