G20: “Shooting uncertain, the goal is the growth of GDP to 2%” – Quotidiano.net

Sidney (Australia), September 21, 2014 – The global economic growth remains uncertain and below the rate needed to generate the necessary jobs, despite the economic conditions improve. It ‘as said in the G20 final communiqué issued at the end of the meeting that was held in Cairns, in northern Australia.

2% GDP – Finance ministers of the G20 countries are close to reaching the goal of a GDP growth of 2% worldwide in the next five years, equal to over $ 2 trillion. The G20 said that to achieve this target, it will focus on investments in infrastructure. In the final statement was in fact made the ‘Global Infrastructure Initiative’, which includes the development of a database aimed at bringing together projects and potential investors.

 The G20, analyzing the action taken, has estimated that this could lead to a growth in GDP of the member countries of 1.8%, or just slightly less than the 2% target.

The Minister of Finance Australia Joe Hockey, who hosted the summit, reports that the ministers and heads of central banks of the G20 countries have agreed on more than 900 steps to reach the goal global growth of 2 %, a goal that they themselves had set in February during a meeting in Sydney. In July last year, the International Monetary Fund (IMF) had lowered its forecast for growth global for 2014 from 3.7% to 3.4%, justifying the decision by weaker growth in the United States , in Russia and in the countries in the developing world. Hockey reports that the

 G20 has decided to shift its focus from growth driven by governments led by the private sector, in particular precisely by additional investments in infrastructure.

PLAN ANTI-AVOIDANCE – Approved in the G20 Plan of Implementation of the Global Standard for the automatic exchange of tax information, developed in conjunction with the OECD to combat tax evasion. The G20 countries will begin to automatically exchange tax information with each other and with third countries between 2017 and 2018

 For the minister Padoan it is “an example of structural reform on an international scale : new rules that change the behavior and produce tangible results.”

WHO IS IN G20 – G20 Del , which represents about 85% of the global economy , are part of the industrialized countries and in developing countries. Its members are: Argentina, Australia, Brazil, UK, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, the United States and the European Union .

PADOAN AND THE WEDGE – Minister of Economy Pier Carlo Padoan, returns on government priorities and, in discussions with a number of newspapers, announcing the will of the executive to reduce taxes on businesses. “We are seriously considering – he says – the opportunity to deepen the cut in the tax wedge and we are planning to do it from the business side.”

 For Padoan the lightening will be covered by the spending review: “Spaces to save resources in the ministries are many. Did not raise taxes.” Denies touches on VAT or tax secession: a hypothesis, the minister said, “come out of nowhere” and that “I do not know anything.”

 Then the minister talks about the reform of Work: “must be done”, also because it is considered “in Europe and the G20, topped the list of structural measures to be taken.” The Jobs Act? “He goes to the simplification of contracts”, “this is good, there are too many contracts.”