G-20 vows to boost collective GDP by 2 percentage points

SYDNEY. KAZINFORM Group of 20 finance chiefs agreed Sunday to set an "ambitious" goal of boosting their collective gross domestic product by more than 2 percentage points over the next five years, as the U.S. Federal Reserve's winding down of its monetary stimulus rattles emerging markets and blurs the economic outlook.

It is the first time for the G-20 economies to establish a numeric growth goal since the grouping was launched in 2008 immediately following the world financial market meltdown, indicating they have moved out of crisis management mode and are confident of overcoming global economic uncertainties, Kyodo reports. In a communique released after they wrapped up their two-day meeting in Sydney, the world's leading economies said the goal is "ambitious but realistic," adding they will map out "comprehensive growth strategies" by the G-20 summit to be held in Brisbane, Australia, in November.