(Sydney) – Business leaders in Australia on Friday called on G20 leading economies to implement recommendations on structural reforms and free trade that could boost global growth by $3.4 trillion and create millions of jobs.
The business chiefs, who are in Sydney for a two-day B20 summit, said their list of 20 recommendations, if adopted by G20 leaders would help them exceed the two per cent additional GDP target over five years that finance ministers agreed to in February.
“What we are recommending is 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,” B20 Australia chair Richard Goyder said. “If G20 countries commit to these reforms, the gains will be large, but a failure by any of the G20 countries to commit will mean a significant opportunity cost.”
The recommendations call for the free flow of goods, services, labour and capital, an effective and transparent regulatory framework, as well as structural reforms that would boost trade and lift infrastructure investment.
