SYDNEY (Reuters) - The Group of 20 will commit to concrete measures to significantly raise global growth while recognizing the need for monetary policy in advanced economies to normalize, Bloomberg News reported on Friday, citing a draft communique.
“We commit to developing new measures to significantly raise global growth, while maintaining fiscal sustainability,” Bloomberg quoted the draft for the weekend meeting of G20 finance ministers and central bankers in Sydney as saying. “We recognize accommodative monetary policy settings in advanced economies will need to normalize in due course, in line with stronger growth.”
The draft, ahead of the communiqué’s official release on February 23, cites ambitious policies that could raise collective gross domestic product by “at least 2 percent” above the trajectory implied by current settings over five years, according to the report.
Reporting by Lincoln Feast; Editing by Robert Birsel