Raise global growth for better living standards, say G-20 leaders

Asserting that the grouping of nations will promote economic growth, the leaders attending the 2014 G-20 Summit on Sunday said that raising global growth must raise the standard of living and quality of jobs for people across the world.

"Raising global growth to deliver better living standards and quality jobs for people across the world is our highest priority. We welcome stronger growth in some key economies. But the global recovery is slow, uneven and not delivering the jobs needed. The global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth," the G-20 Leaders' Communique stated.

"Risks persist, including in financial markets and from geopolitical tensions. We commit to work in partnership to lift growth, boost economic resilience and strengthen global institutions," it added.

The leaders further stated they are determined to overcome all challenges, adding that the G-20 will ensure that its macroeconomic policies are appropriate to support growth.

"We are determined to overcome these challenges and step up our efforts to achieve strong, sustainable and balanced growth, and to create jobs. We are implementing structural reforms to lift growth and private sector activity, recognising that well-functioning markets underpin prosperity. We will ensure our macroeconomic policies are appropriate to support growth, strengthen demand and promote global rebalancing," the communique said

"We will continue to implement fiscal strategies flexibly, taking into account near-term economic conditions, while putting debt as a share of GDP on a sustainable path. Our monetary authorities have committed to support the recovery and address deflationary pressures when needed, consistent with their mandates. We will be mindful of the global impacts of our policies and cooperate to manage spillovers. We stand ready to use all policy levers to underpin confidence and the recovery," it added.

Prime Minister Narendra Modi, currently in Australia, attended the two-day long G-20 Summit held here.

The Prime Minister travels to Sydney on Sunday where he will address the Indian diaspora, before visiting Canberra and Melbourne. On November 18, he leaves for Fiji, which is the final leg of his three-nation trip.