World Bulletin/News Desk
There will be two themes for Turkey's G20 presidency: input from low-income developing countries and development of small-to-medium sized enterprises, Turkish Deputy Prime Minister Ali Babacan said on Friday.
Speaking at the Atlantic Council Energy and Economic Summit 2014 in Istanbul, Babacan also explained that fiscal reform is not enough, by itself, to stimulate growth in slow-moving economies around the world.
“No matter what fiscal policies they may adopt, if the confidence isn't there, fiscal stimulus will not work,” Babacan said.
Though global economic growth is still slow, Babacan said the storm has been weathered so far, but Europe is still struggling to overcome its financial problems.
“If economic growth only helps 1 percent of population, then the consequences should be considered carefully,” he said.
Small and medium-sized enterprises will be represented in different international contexts. Babacan said access to energy for all should also be an important theme for G20.
“There will be the very first G20 Energy Ministers meeting in 2015, at the broader G20 meeting under Turkish G20 leadership next year,” Babacan said.
Turkey has also proposed forming a ‘W20,’ which would be run by women entrepreneurs. Babacan said that Turkey would push the idea forward despite some tough rejections, and would make the "W20" official.
The G20 summit, which is a forum of the world's richest nations, brings together political and economic leaders from 20 major economies, including 19 individual countries -- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States -- and the European Union.
Last Mod: 21 Kasım 2014, 23:10