ANKARA – As France and the world mourn the terrorist slaughter of innocents in Paris, the leaders of the G-20 are meeting in Antalya, Turkey. Terror will now vault to the top of the long list of pressing issues that will be discussed. The G-20, whose members account for about 85% of the world economy, has an important responsibility to respond to challenges that affect the lives and prosperity of millions of people around the world. It cannot risk falling into complacency and inaction, whether regarding terrorism or the fragile state of the world’s economy.
Since Turkey assumed the presidency of the G-20 in December 2014, our approach toward ensuring inclusive and robust growth through collective action has enjoyed the support of the organization’s members. This effort has been built on three pillars: decisive implementation of past commitments, boosting investments as a powerful driver of the global economy, and promotion of inclusiveness so that the benefits of growth are shared by all.
When it comes to implementation, great strides have been made. By promoting sound macroeconomic and fiscal policies and implementing solid, structural reforms, we have made significant progress toward our objective of expanding the G-20’s collective GDP by 2.1% by 2018. The global financial system is now more resilient than it has ever been. Financial capacities are being rebuilt, and new growth targets are being met.
But there remains much more to be done. G-20 members should expedite efforts to deliver on their commitments to boost productivity and eliminate structural bottlenecks to investment, competition, trade, and jobs. We must also cement the fundamental reforms to the global financial system that the G-20 has delivered over the past seven years.