G20 falling behind growth target: unions

The L20, which represents unions from across the G20, says the global forum is falling behind its growth commitment made in Australia last year.

The international trade union movement believes the world's richest nations are falling behind in their aim to lift global growth.

The centrepiece of last year's Group of 20 activities under Australia's presidency was to raise world growth by more than two per cent over the coming five years and above what was then projected.

Treasurer Joe Hockey, the architect of the G20 growth target, will fly out to Ankara on Wednesday to see how progress is being made under Turkey's 2015 presidency.

He will meet with his G20 finance minister counterparts and central bankers for the two-day meeting on September 4-5.

There is also a joint meeting of finance and labour and employment ministers on Friday.

The Labour 20 or L20, which represents the labour movement from across the world, will make a presentation to that meeting saying that world growth is almost 1.7 per cent below the level it should be at.

If the G20 target is to be reached, growth would now have to rise an extra one per cent per year leading up to 2018.

"This will not happen on current policies," the L20 says in a statement.

It says investment and output growth in the G20 countries remain below longer-term trends and pre-GFC levels.

"In several countries, unemployment continues to rise or remains at high levels," it says.

The G20 leaders summit will be held in November.


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Source: AAP


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