The Telegraph
Sunday , February 23 , 2014
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Faster global growth

Finance minister P. Chidambaram with RBI governor Raghuram Rajan at the G20 meet in Sydney on Saturday. (AP/PTI)

Sydney, Feb. 22 (Agencies): The world’s top economies may agree to set an ambitious target for faster global growth at a weekend meeting in Sydney, where major central banks are also being urged to co-ordinate policies to avoid “surprises” that could further roil emerging markets.

Opening the two-day meeting of the Group of 20 (G20) finance ministers and central bankers on Saturday, Australian treasurer Joe Hockey said support was building for setting a firm goal for growth.

“I have a great sense of hope that this G20 meeting will be able to lay down a real and tangible framework for an increase in the growth of the global economy over the next five years,” said Hockey, who is hosting the Sydney gathering.

The G20 nations, which represent 85 per cent of the global economy, should come out with “real outcomes” to deal with volatility in global financial markets, he stressed.

The contentious issue, however, is the tapering, or withdrawal of monetary stimulus, by the US Federal Reserve as it has major implications on the developed and emerging economies.

Indian finance minister P. Chidambaram, who reached here today, will also pitch for greater transparency in the US Fed’s tapering operations, expeditious reforms of the IMF and automatic sharing of tax information.