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G20 Finance Chiefs Seek to Spur Global Economic Growth

A leading international economic organization says governments around

the world are not doing enough to implement a series of policies once

agreed upon to boost economic growth in the coming years.

The Paris-based Organization for Economic Cooperation and

Development, in its annual growth report released Monday, urged

countries to follow through on "comprehensive growth strategies" such

as increasing labor productivity and becoming more competitive and

innovative.

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The report was published as finance ministers and central bankers from

the world's 20 leading economies gathered in Istanbul for Monday's

opening of a G20 meeting aimed at coordinating action to spur economic

growth.

Participants will discuss efforts toward meeting their commitment made

last year to lift the global economic output by two percent in 2018.

Concerns of the G20 ministers about major economies running at

different speeds, and monetary policies diverging will also be on the

agenda.

The meeting will continue Tuesday.

Turkish Deputy Prime Minister Ali Babacan said Sunday tackling

sluggish growth and giving low-income nations a greater voice are

among the priorities for Turkey's G20 presidency.

Babacan said pushing G20 members to meet previous reform commitments

would be key.

Fulfilling pledges made at November's G20 summit in Brisbane could add

more than $2 trillion to the global economy and create millions of new

jobs over the next four years, IMF chief Christine Lagarde said in a

blog post Friday.

Another top G20 concern is whether the United States alone can sustain

the global economy as most of the world slows.

Influencing the G20 ministers' plans are the Greek government's

demands to restructure its debt, cheap oil-influencing inflation and

growth forecasts, and a strengthening dollar threatening emerging

economies.

Also on the agenda will be a request by France to discuss the fight

against terrorist financing, an important topic for Turkey as fighting

with Islamic State militants continues just over its southern borders

in Syria and Iraq.

Credit: VOA News

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