Meeting of world finance ministers and central bankers 'unprecedented'

Finance chiefs from the 20 largest economies have agreed to implement policies that will boost the world economy by more than US$2 trillion (€1.45 trillion) over the coming five years.

Australian Treasurer Joe Hockey, who was host of the Group of 20 meeting in Sydney, said the statement from the G20 finance ministers and central bankers was “unprecedented”.

The centrepiece of the commitment is to boost the gross domestic product of G20 countries by 2% above the levels expected for the next five years, creating tens of millions of new jobs.

Each country will present a comprehensive growth strategy to a summit of leaders scheduled for November in the Australian city of Brisbane.

The G20 combines the world’s major industrialised and developing countries - about 85% of the global economy.

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