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New G20 growth policies unlikely

Posted on 01/31/2019 | in 深圳桑拿网 | by

G20 nations are likely recycle old economic growth initiatives to meet a summit target to lift output, a global policy analyst says.

深圳桑拿网

Leaders’ summit host Prime Minister Tony Abbott wants the G20 meeting in Brisbane to set a goal to add 2.1 per cent or more over five years.

But Centre for International Governance Innovation (CIGI) political analyst Bessma Momani says don’t expect anything new from world leaders when it comes to infrastructure investment, jobs growth and other economic measures.

“I think we are going to see a lot of recycling of old ideas and initiatives even though the IMF and OECD have done a good job in trying to screen it out,” she said on Sunday.

“The reality is when these leaders go back to their political capitals they are going to say ‘we have committed to x,y,z’ and if we dig deep enough there is probably a lot of replication to what they have already committed to.

“I have already seen that from the Canadian government.”

CIGI is a Canadian based think tank on international governance.

However, Professor Momani said summit had potential to create peer pressure within the G20 to deliver growth.

“There is a sense of naming and shaming when you come to these organisations and groupings,” she said.

“In a sense there is an upmanship, there’s a ‘I can do better than that.'”

Meanwhile, G20 Research Group co-director Dr John Kirton warned the conflict involving pro-Russian separatists in Ukraine could spark another world financial crisis due to a counterproductive merry-go-round of economic sanctions between Russia and the west.

“You simply can’t generate growth in Europe unless you get Russian troops out of Ukraine and get Russia to give back Crimea to Ukraine over the next five years,” he said.

“Unless Ukraine is solved the right way, you could get Russia canalising (or channelling) a financial crisis.”

Dr Kirton also said tackling climate change would pay a big part in boosting growth.

While climate change isn’t on the official G20 agenda, Dr Kirton will be looking for the words “green growth” in the summit’s communique due on Sunday afternoon.

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