The Group of 20 (G20) Summit to be held in Australia, in November, will focus on three key areas, namely promoting strong economic growth and employment outcomes by empowering the private sector, making the global economy more resilient and strengthening global institutions, such as the G20, Australia G20 sherpa Dr Heather Smith said on Thursday.

Addressing delegates at a G20 outreach seminar, in Pretoria, she stated that the G20’s work relating to economic growth was focused on the key outcome of increasing the collective gross domestic product (GDP) of the G20 member countries by 2% over the next five years.

She said this target, which, if achieved, would provide a burst of growth to the global economy and create many jobs, raised the bar for the G20 and built “accountability in a political way” into the organisation.

“We are seeking to deliver on this growth through a combination of measures around trade, investment and employment to be captured in the growth strategies which each of the countries are preparing,” she stated.

Smith pointed out that the G20 member countries had taken ownership of this challenge and had been focusing on key areas of reform, which best suited their national circumstances.

Also speaking at the seminar, Australian Business 20 (B20) sherpa Robert Miller added that the global economy had been faced with the issue of persistent growth problems since the global financial crisis, which would add to the challenge faced by the G20 countries in reaching the 2% growth goal. 

He stated that the confidence of the global business community in terms of investment had not yet been recovered and, while there were some investment drivers, they were not at the levels required.

Therefore, he stated that the G20 growth target was “absolutely necessary” as the world had to get back on a trajectory towards economic growth.

Meanwhile, South African B20 representative Mthunzi Mdwaba commented that, should the G20 member countries implement the proposed changes, there would be "great progress"; however, he noted that, to date, the implementation of decisions had been left wanting.

Responding to questions on the issue of accountability and the implementation of decisions taken, Smith stated that it was important to note that the G20 was only five years old, which was not a long time in terms of global economic cycles.

She also pointed out that the G20 had done a good job in bringing the global economy back from the precipice of the global economic crisis.

“[However], now we have to move from crisis management to creating a sustainable growth path,” she said.

Further, she stated that the publication by the G20 countries of their growth strategies, would also be an important mechanism that could be used to track their progress and accountability.

Currently, the G20 was at a critical point in terms of opportunity and challenge, with the groundwork having been laid for a good outcome, she said.

However, this outcome could only be reached through decisive action, she said, adding that much depended on the reform within individual countries.

“Creating a durable economic order would require the G20 members to adapt and concentrate their efforts on creating sustainable economic growth and prosperity for all,” Smith noted.