Global economics: G20 summit is over: new economy growth plan is ready

18:40 Sep. 5, 2016

G20 summit is over: new economy growth plan is ready

ummit leaders pose for a family photo at the G-20 summit hosted by China's President Xi Jinping center, in Hangzhou, China(Stephen Crowely/Pool Photo via AP)

World leaders agreed to develop a complex plan on world economy growth

The G20 discussed cooperation in energetics, renewable energy sources, and refusal from non-renewal exploitation. The parties called for the fight against corruption and promised to strengthen measures against terrorism. 

The leaders of the G20 member states, guest countries, and international institutions discussed various topics – from more effective global economic and financial governance to international trade and interconnected development.

Read more Putin, Merkel meet face-to-face on G20 sidelines

In a final communique, the G20 members expressed their determination to set the new course and dynamics for the world economy. They also promised to improve global economic and financial governance so as to enhance the resilience of the world economy. The G20 recognized international trade and investment as the two key engines of growth and building an open world economy.

Read more Obama, Hollande, Merkel discuss Ukraine on G20 sidelines

The G20 organization plans to transform from crisis-response mechanism to a long-term governance platform focusing on medium and long-term policies and supply-side reforms.

The next summit will be held in Hamburg, Germany. The G20 economies represent two-thirds of the world's population and over 80% of the global GDP. That is why the G20 is one of the most influential powers in the world with a significant impact on global economic processes. 

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