... Pledge to boost global GDP by over $2 trillion
Leaders of the world's 20 developed and emerging economies on Sunday vowed to boost global GDP by over $2 trillion over next five years by investing in infrastructure and increasing trade, aimed at boosting the global recovery amid geopolitical tensions.
In a three-page statement issued at the end of G20 Summit here, the world leaders, including Prime Minister Narendra Modi and US President Barack Obama, said, ‘raising global growth to deliver better living standards and quality jobs for people across the world is our highest priority.’
The statement said that the global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth.
‘Risks persist, including in financial markets and from geopolitical tensions. We commit to work in partnership to lift growth, boost economic resilience and strengthen global institutions,’ it said.
Meanwhile, IMF Managing Director Christine Lagarde said she agreed with G20 leaders’ call for expeditious implementation of the quota and governance reforms at the global financial institution. ‘I strongly agree with the G20’s urging all our member countries to implement the IMF’s 2010 Quota and Governance Reform as soon as possible,’ she said in a statement.
Emerging counties like India, China, Brazil and Russia have been asking for increased voting rights in IMF, which would reflect their growing share in world economy. The quota reform, once implemented, will increase India’s voting share from the current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from the 11th position.