|B20 2014 Key Messages|
Business wants to invest, grow and create jobs. Governments can help by aligning policy to these goals and removing multilateral and domestic roadblocks.
- The urgent goal is growth and jobs. Now that the global financial system has been stabilised, the core question facing our leaders is how to increase the slow rate of economic growth and create jobs to lift living standards around the world. There is no room for complacency.
- G20 is the right forum to pursue this goal. The G20 is the only forum capable of achieving the coordinated action necessary to drive and shape the global economy.
- G20 has set a realistic and necessary growth target. The G20 target of lifting collective GDP by two per cent above the trajectory implied by current policies over the next five years is therefore entirely appropriate, but the question is how to achieve that target?
- B20 has identified policy principles to meet the target. Business has looked at the major impediments to growth and jobs creation and believes that policies are needed to ensure greater structural flexibility and freedom of movement across borders of goods, services, labour and capital within an effective regulatory framework which promotes transparency and credibility in commerce.
- B20 recommendations require collective agreement and unilateral action by the G20. The B20 has developed twenty recommendations for action consistent with these principles that will promote economic growth and jobs, but to be effective they require collective agreement by the G20 for unilateral action by each member country.
B20 Policy Recommendations to the G20
The B20 recommendations are listed and explained in the summary report Driving growth and jobs - B20 policy recommendations to G20. The recommendations were developed by four taskforces on Financing Growth, Human Capital, Infrastructure & Investment and Trade, and a working group on Anti-Corruption. More detail on the work of these groups is available using the menu items to the left of this page.
The summary report and more detailed taskforce and working group reports are at the links below.
B20 Policy Approach
The G20 has successfully stabilised the global financial system and is working through international
financial regulators to make it more resistant to future shocks. The need for further global systemic
intervention in the financial system is fading, but the global economic recovery is weak and subject
to substantial downside risks, and unemployment is still too high. Notwithstanding the need to deal
with legacy issues from the financial crisis, growth and employment are our most pressing issues.
Private sector activity and investment is a prerequisite for sustained and inclusive economic growth.
It is essential to global job creation and higher living standards. Accordingly the international
business community asks policymakers to focus on structural reforms that will remove the barriers
and impediments to growth. The G20’s tight focus on ‘practical outcomes that will lift growth,
boost participation, create jobs and build the resilience of the global economy’, and a target of
two per cent growth above the trajectory implied by current policies over the coming five years,
is therefore entirely appropriate.
In response the B20 has concentrated on identifying the impediments to a more conducive
environment for investment and growth through five groups focused on the core economic drivers of
trade, infrastructure, human capital, finance and transparency. The result of this work is 20 mutually
reinforcing recommendations for action by G20 governments. These actions are mostly new structural
reform measures that would deliver on the G20 growth target and form a blueprint for sustainable
economic growth in the medium term. If G20 countries commit to these reforms the gains will be
large, so a failure by any of the G20 countries to commit will mean a significant opportunity cost.