SYDNEY: Business leaders in Australia Friday called on G20 leading economies to implement recommendations on structural reforms and free trade that could boost global growth by US$3.4 trillion and create millions of jobs.
The business chiefs, who are in Sydney for a two-day B20 summit, said their list of 20 recommendations -- if adopted by G20 leaders -- would help them exceed the 2.0 percent additional GDP target over five years that finance ministers agreed to in February.
"What we are recommending is mostly new structural reform measures that would deliver on the G20 growth target and form a blueprint for sustainable economic growth in the medium-term," B20 Australia chair Richard Goyder said.
"If G20 countries commit to these reforms, the gains will be large, but a failure by any of the G20 countries to commit will mean a significant opportunity cost."
The recommendations call for the free flow of goods, services, labour and capital, an effective and transparent regulatory framework, as well as structural reforms that would boost trade and lift infrastructure investment.
Moves towards freer trade could boost global GDP by US$3.4 trillion and support more than 50 million jobs across the G20 nations, which "would be akin to adding another Germany to the global economy", the B20 said.
At the same time, increasing investments in infrastructure to fill an estimated gap of between US$15-20 trillion by 2030 could unlock US$6 trillion in economic activity every year and create up to 100 million jobs, the business leaders said.
Australian Treasurer Joe Hockey welcomed the recommendations, saying they supported the G20's goal under Australia's presidency this year of driving growth and jobs creation.
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