HIGHLIGHTS-Comments from policymakers after G20 meeting in Sydney

Sun, 23 Feb - 2:54pm

SYDNEY, Feb 24 (Reuters) - The world's top economies have adopted a soft target of adding at least 2 percentage points to growth over five years, signalling optimism that the worst of crisis-era austerity was behind them.

The communique at the conclusion of the Group of 20 included a pledge to take concrete action to increase investment and employment, among other reforms, the source said. The group accounts for around 85 percent of the global economy.

Following are comments from key policymakers

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AUSTRALIAN TREASURER JOE HOCKEY

"Each country will take to the Brisbane summit it's plan for economic growth overall. The plan is to get to a potential increase in G20 GDP of 2 percent or more. We don't have central planning out of the G20 for individual countries.

"There was proper recognition that the movement of monetary policy in major developed countries is going to have an impact on emerging economies and there was proper recognition that that will be taken into account in the foreseeable future."

On growth: "We aim to lift global growth over the next five years by more than $2 trillion, creating tens of millions of new jobs across the globe. We know we have to create policies to do that. Each individual country has to do some heavy lifting. There will be different challenges for different countries."

On China: "China has to be realistic about the speed at which its economy can grow."

Regulation: "There was a recognition that we have to to address some of the zealotry for market regulation that might be prevalent in some jurisdictions. We have got to make sure that the important regulatory reforms are done, finalised. From that point onwards, we can get on with a more stable regulatory environment."

JACK LEW, US TREASURY SECRETARY

"We are seeing a recovery that is getting into a more secure place but we are still seeing challenges."

(Reporting by Sydney G20 team)

((Lincoln.Feast@thomsonreuters.com)(+61 2 9373 1826)(Reuters Messaging: lincoln.feast.thomsonreuters.com@reuters.net))

Keywords: G20 AUSTRALIA/

URN: 
urn:newsml:reuters.com:20140223:nSYDG20:2
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