Tuesday, May 19, 2015

G-20 Leaders Present Ideas For Economic Reform

11/28/14 - A group composed of the leaders of twenty of the world's largest economies, also called the G-20, held a meeting in Brisbane, Australia, recently, to discuss ways in which each country could contribute to a future restoration of the global economy. An article, by Don Lee of the L.A. Times, summarizes each of the issues addressed by the members of this group, and their plans for change around the world.

The leaders of the G-20 have long been criticized for being slow and ineffective; but, their newest proposition, including over 800 projects designed to add new jobs, may actually cause some positive stimulation to the currently sluggish economies found in most major countries. Sure, these projects may not be perfect, and they will require political support in their respective countries to be enacted, but some plan is better than nothing. The G-20's current plan aims to increase global output by 2% - over $2 trillion and millions of jobs – over the next five years, a hefty goal in and of itself.

While the main focus of this year's G-20 summit was the aforementioned 2% increase in global productivity, several other topics were broached that are usually viewed as less important to the economy, such as anti-corruption legislation, health issues, and climate change. This year's summit in particular made sure to address the fact that there is more to the economy than just jobs and productivity.

The leaders agreed to work on limiting greenhouse gases and other such pollution, while also making commitments to help contain the current Ebola outbreak, both of which have devastating effects on various economies around the world. Tensions at the G-20 summit were stretched thin, as leaders verbally butted heads based on their differing viewpoints regarding such “unrelated” economic principles.

Altogether, though, the G-20 summit seemed to be successful, to a point. No, most of the proposals will not have a dramatic effect on the global economy immediately, but such projects as those suggested at the meeting will definitely have a major effect on the economy of the future. Only these countries and their political leaders can really determine how far away that future lies.

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