World leaders focus on boosting economy during G20

G20 Summit

As this year’s G-20 summit wrapped-up in Brisbane, world leaders vowed to boost their economic growth, adding trillions of dollars to the global economy. CCTV America’s Roee Ruttenberg reports from Canberra.

World leaders focus on boosting economy during G20

As this year's G20 summit wrapped-up in Brisbane, world leaders vowed to boost their economic growth, adding trillions of dollars to the global economy. CCTV America's Roee Ruttenberg reports from Canberra.

The final agreement, leaders said, is aimed at injecting life into the world’s listless economy. Specifically, through greater investment in infrastructure and the lowering of trade barriers. The goal, they said, is to boost global growth by at least two percent, in the next five years. That roughly amounts to $2 trillion and millions of jobs.

“This year, the G-20 has delivered real practical outcomes, and because of the efforts the G-20 has made this year culminating in the last 48 hours, people right around the world are going to be better off and that’s what it’s all about,” said Australian Prime Minister Tony Abbott.

Leaders from the G-20 nations had come under increasing pressure to take definitive action at this year’s summit. But rights groups said they still want assurances that the world’s poorest people will benefit from any new growth.

“We are hearing of plans that are going to benefit a few people at the top, and that will continue to leave the majority behind. That’s unfortunate,” said Winnie Byanyima, the executive director of Oxfam International.

It’s sentiment echoed by China’s President, Xi Jingping, who said developing nations and emerging economies should have more say in international systems.

Meanwhile, the summit also saw a series of bilateral and trilateral meetings, including the meetings held first in years between Australia, the U.S., and Japan. The three leaders recommitted themselves to “deepening ties,” including military cooperation. The White House said meeting was not intended as a message to Beijing, just one day after the American president called for a greater role for China in the region.

U.S. president Barack Obama met with his European counterparts to discuss additional possible action against Moscow.

However, before leaving Brisbane, Russia’s president Vladimir Putin warned Western sanctions would backfire. “The sanctions cause damage to everyone, to those on whom the sanctions were imposed and on those who impose the sanctions,” Putin said.

For more on the G-20 summit, CCTV America talked with Tim Harcourt. He’s an author, economist, and international business teacher. He’s also a fellow at the Australian School of Business at the University of New South Wales.

Economist Tim Harcourt discusses about the global economy during the G20

For more on the G-20 summit, CCTV America talked with Tim Harcourt. He's an author, an economist and an international business teacher. He's also a fellow at the Australian School of Business at the University of New South Wales.