(VOVworld) – The G20 finance ministers and central bank governors delivered strategies that should help achieve 1.8 percent of additional growth in the global economy.

Australian Treasurer Joe Hockey speaks at the conclusion of the G20 meeting of finance ministers in Cairns.(Photo: William West)

The G20 meeting concluded Sunday in Cairns. Australian Treasurer Joe Hockey, who chaired the meeting, said the commitment will make the world economy 2 trillion USD larger over four years. He said the G20 summit achieved a consensus of members on growth targets and a new global infrastructure initiative to reform the world’s financial system and improve a tax integration program. Hockey said the International Monetary Fund and the Organization for Economic Co-operation and Development looked through more than 900 recommendations and estimated that they were capable increasing global GDP by 1.8 percent by 2018. The G20 summit focused mainly on structural reforms, improving infrastructure, and a more private-sector-led growth aimed at increasing employment and raising living standards.