B20 business leaders finalize G20 blueprint for growth

The international business community on Friday hammered out a blueprint for G20 leaders to promote global economic growth and employment, according to the B20 summit media release.

The B20 Australia Chair Richard Goyder said the summit had brought together some 400 business leaders and policymakers across the world to finalize and prioritize a set of recommendations for G20 leaders that drive growth and create jobs.

"The result of this work is a set of 20 mutually reinforcing recommendations for action by G20 leaders," Goyder said. "If these were adopted, the G20 would not only meet, but exceed the two percent additional growth target set by G20 Finance Ministers in February."

Earlier this year, the G20 set a target of lifting collective GDP by 2 percent above the trajectory implied by current policies over the next five years - worth over 2 trillion U.S. dollars and tens of millions of jobs.

Goyder emphasized that private sector investment is a prerequisite for sustained and inclusive economic growth and the business leaders are asking governments to remove barriers and impediments to growth.

The B20 will deliver the recommendations to the G20 presidency this afternoon.

The B20 summit is held in Sydney between Thursday and Friday.