G20 countries 'on course' to beat growth targets

Top economies at 2.1 per cent growth

Click to follow
The Independent Online

The G20 of the largest world economies, including the UK, is on course to beat its own ambitious growth target, according to the secretary-general of the Organisation for Economic Co-operation and Development.

Angel Gurria told The Australian newspaper that world output would be 2.1 per cent higher than the existing economic trajectory after examining more than 1,000 policy initiatives.

Australia had put a two per cent, $2 trillion target at the heart of its presidency of the G20 this year. The comments are a welcome boost to Australian prime minister Tony Abbott, who has come under fire from opposition politicians this week for not including tackling climate change among his priorities ahead of the G20 Leaders Summit, which takes place in Brisbane this weekend.

When first drafts of plans were handed over earlier this year the OECD could only find policies generating an extra one per cent of growth, However, this estimate has been more than doubled after the plans were refined.

Video: The latest business news

"Now we're at 2.1 per cent," said Mr Gurria. "Typically, if this process works, you overshoot and the question now is to make sure there is follow-up, monitoring and accountability."

He added: "The Australian presidency has entirely refocused the agenda of the G20 on the need to reignite growth and strengthen the recovery."