Business leaders urge G20 to drive economic growth

SYDNEY  (Xinhua) - International business leaders on Sunday called on the G20 to commit to an ambitious policy reform agenda that would drive economic growth and create jobs.

Richard Goyder, B20 Australia Chair, said business is asking G20 members to implement reforms that encourage private sector investment and boost employment across the world. The B20 leads engagement with G20 governments on behalf of the international business community.

"The B20 has been speaking to G20 finance ministers and central bank governors about the urgent need for policy support in five key policy areas - infrastructure, finance, trade, human capital and transparency," Goyder said.

"We have developed a set of 20 mutually reinforcing recommendations for the G20 which if implemented would exceed the target of 2 percent growth above trend over the next five years - that means more trade, better infrastructure, safely regulated, accessible and affordable finance, and human capital in the right place, at the right time with the right skills."

This week, the OECD downgraded growth forecasts for a number of leading economies, including the United States, Japan, France, Germany and the euro area.