Assessing and strengthening growth strategies in the G20 FWG
On 6 to 7 June, the G20 Framework Working Group (FWG) held its third meeting in Goa, India. The meeting was attended by representatives of the G20 Finance Ministries and Central Banks, and experts from International Organisations. A joint meeting between members of the FWG and G20 Taskforce on Employment was also held in Goa on 5 June, highlighting the importance of collaboration within the G20.
The key focus of the Goa meeting was a peer review of preliminary versions of the comprehensive growth strategies, which Leaders in St Petersburg committed to deliver at the Brisbane Summit in November. With the assistance of International Organisations, FWG members assessed the level of ambition and concreteness of reform measures put forward by countries in the four priority reform areas of employment, investment, trade and competition that were agreed by G20 Finance Ministers and Central Bank Governors in February, in addition to macroeconomic policies. Importantly, through this process, members made an assessment of the G20’s progress toward achieving the Finance Ministers and Central Bank Governors collective growth commitment to lift the level of global GDP by 2 per cent over the next five years.
The FWG meeting also held discussions on recent developments in the global economy and policy design to foster positive spillovers.
The outcomes of the FWG meeting will be an important input to the G20 Deputy Finance Ministers and Central Bank Governors meeting on 22 to 23 June in Melbourne, where officials will assess the level of ambition presented by the preliminary growth strategies. Based on the outcomes from the peer review, members will streamline and sharpen the comprehensive growth strategies for final submission later this year.