Former Australian G20 Sherpa, Andrew Charlton, has praised the focus of the G20 on economic growth. But he says going for a growth target must be backed by concrete reform proposals that are additional to what is already on the table.
At the most recent G20 Summit in Brisbane has asked G20 countries to sign up to a target to lift global growth by 2 per cent.
Writing in The Australian, Andrew Charlton said: “For one thing, the target will be challenging to measure. Economic growth forecasts have a wide margin of error, and estimates of the impact of new policies are highly inexact. Whatever happens to the global economy, there will be plenty of wriggle room for governments to blame external factors if growth doesn’t turn out as hoped.”
Andrew Charlton, former economic adviser to Prime Minister Kevin Rudd, currently with Wesfarmers and Coles, says that the summit should focus on more concrete goals: “Real outcomes in these areas will boost the global economy, enhance Australia’s standing in the G20, and lift its credibility for the future.”