The top financial policymakers of the Group of 20 leading nations believe the global economy could expand by 1.8 percent by 2018.
The G20 finance ministers and bank governors, convening for a summit in Cairns, Australia, have drawn up almost 1,000 measures to help stimulate that growth.
“We’re determined to lift growth and countries are willing to use all or macroeconomic levers – monetary, fiscal and structural policies – to meet this challenge,” said Australian Treasurer, Joe Hockey.
The G20 delegates, however, pinpointed Europe’s extended stagnation as a potential stumbling block to reaching the 1.8 percent goal.
The British Chancellor of the Exchequer George Osborne and the Governor of the Bank of England Mark Carney did not attend the meeting. They chose to stay in the UK for the Scottish referendum result, declared on Friday (19 September).