B20, press conference, G20 International Media Centre, Brisbane
The world has moved forward since the financial crisis of 2008, but our societies are now going through fundamental structural changes that put our future prosperity at risk.
Global economic power is shifting. Populations around the world are ageing. There is a potential mismatch between economic activity, social needs and the supply of skilled labour.
Global economic growth is weak and unemployment remains stubbornly high.
When the Group of Twenty, or G20, came together to deal with the financial crisis, their decisive, coordinated action boosted business and consumer confidence to help prevent another Great Depression.
The G20 economies represent 90 per cent of global GDP, 80 per cent of international trade, and two thirds of the world population, making them small enough in number to be nimble, but with the scale and reach to change the direction of the global economy.
In an effort to address today’s challenges, the G20 has set the ambitious target of lifting collective GDP by 2 per cent above expectations over the next five years, and creating millions of new jobs.
But it is only through structural reforms that this target can be met. The Business Twenty, or B20, brings together business leaders from around the world to provide practical commercial perspectives to the G20 and generate ideas for growth.