Driving growth strategies in the G20 Framework Working Group
On 21 to 22 January representatives of the G20 Finance Ministries and Central Banks, as well as experts from International Organisations, attended the G20 Framework Working Group (FWG) Meeting in Québec City.
As directed by Leaders in St Petersburg, G20 members will be developing ambitious comprehensive growth strategies for delivery at the Brisbane Summit in November this year. The FWG has responsibility for driving the development of these growth strategies, along with input from the Investment and Infrastructure Working Group, the Taskforce on Employment and other work streams in the Sherpa track.
At the Québec City meeting the FWG started a “top down” approach to developing the growth strategies by considering where policy settings are holding back growth at the global level. They discussed possible policy responses and also considered analysis from International Organisations on the benefits of reforms in priority areas of investment particularly in infrastructure, employment particularly labour force participation and competition.
The FWG meeting also focused on:
- global economic conditions
- managing transitions underway in the global economy and the role of policy coordination
- the near-term recovery
- managing risks and maximising the benefits of reform.
The FWG will continue developing the comprehensive growth strategies in their next meeting on 21 March in Ankara.