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Major economies express confidence about growth

April 12, 2014 • Business


International Monetary Fund (IMF) Managing Director Christine Lagarde, center, accompanied by World Bank President Jim Yong Kim, left, and UN Secretary General Ban Ki-moon, meet with reporters during the World Bank Group- International Monetary Fund Spring Meetings in Washington, Friday, April 11, 2014. ( AP Photo/Jose Luis Magana)

WASHINGTON (AP) — Finance officials of the world’s major economies expressed confidence Friday that they can meet an ambitious goal of boosting global growth by $2 trillion over the next five years.

That’s despite a variety of threats including rising political tensions over Russia’s actions in Ukraine.

Finance ministers and central bank presidents of the leading rich and developing nations issued a joint statement that papered over substantial differences in such areas as central bank interest rate policies and whether to hit Russia with tougher sanctions because of its dealings with Ukraine.

The final Group of 20 communique pledged to keep working on concrete economic reforms that could boost global growth by 2 percent over the next five years. But finance officials concede that the economic reforms needed to achieve that goal will in many cases be politically difficult.

Australian Treasurer Joe Hockey said all the finance ministers realized that hard decisions would have to be made in terms of reforming labor market policies and dealing with budget deficits.

“It is hard Login to read more

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