USA TODAY / AP: Leaders of G-20 nations meeting in Australia on Sunday finalized a plan to boost global GDP by more than $2 trillion over five years by investing in infrastructure and increasing trade.
A G-20 communique said that if the $2 trillion initiative is fully implemented, it would lift global GDP by 2.1% above expected levels by 2018 and create millions of jobs.
“The G-20 has delivered real, practical outcomes and, because of the efforts that the G-20 has made, this year, culminating in the last 48 hours, people right around the world are going to be better off,” Australia’s Prime Minister Tony Abbott said, speaking at the end of the two-day summit.
A key part of the plan involves the creation of what the G-20 called a “global infrastructure hub” that will help match potential investors with infrastructure projects around the world… (more)
EDITOR: Fiscal stimulus, not monetary easing. Would that we and the European Union had followed the same approach since 2009. Any student of economic history is aware that the conservative resistance to deficit spending was a major contributor to both the Great Depression and the Great Recession. Seems that they are incapable of learning. Or don’t care since they tend to be creditors, not debtors.
