This weekend's meeting of G20 Finance Ministers and Central Bank Governors will focus on fully implementing our commitments to support jobs and growth in the face of the ongoing global recession, as well as pushing ahead with key reforms to build a more secure global economy.
G20 Finance Ministers will discuss the continuing impact the global recession is having on all of our economies.
Global conditions continue to remain difficult, with the IMF still forecasting the global economy to contract this year by 1.4 per cent – the first global contraction in the post‑war era.
Recent GDP outcomes from abroad have shown that the US, UK and Euro area economies continued to contract in the June quarter, although a number of Asian economies returned to growth in that period.
While it is good to see growth returning to other economies, Australia remains the stand out performer – being the only advanced economy to report positive GDP growth over the year to June with the release of GDP data this week showing the economy grew 0.6 per cent.
G20 Finance Ministers will be working to ensure that we implement the commitments to support jobs and growth made at the G20 Leaders' Summit in April, as removing this support now could jeopardise progress towards a sustainable global recovery.
We will address the regulatory shortfalls exposed by the global financial crisis and push forward with key reforms to international financial institutions such as the International Monetary Fund.
We will also be working to build a foundation for sustainable future economic growth and ensure the world economy is placed on a more stable growth path.
G20 Finance Ministers will work to support the world's efforts to address climate change through the UNFCCC process, with a particular focus on the need for public and private funding to support adaptation and mitigation action in developing countries.
The meetings are being hosted by the UK Chancellor of the Exchequer, Alastair Darling, in preparation for the G20 Leaders' Meeting to be held in Pittsburgh later this month.
4 September 2009