G20 summit outcome positive for global economic recovery

Final preparations are made ahead of the 2015 G20 Antalya summit, in Belek, Antalya, Nov 8, 2015. [Photo/CFP]

The anticipation of an imminent interest rate hike by the US Federal Reserves has sent shock waves across emerging economies in the world, whose currencies have weakened sharply against the US dollar in the past year.

"There is a clear need to continue a cooperative approach at the G20 level on global macroeconomic policies, with the aim of strengthening the recovery, lifting potential growth and enhancing financial resilience," said Donald Tusk, president of the European Council, in a statement.

In a bid to increase youth employment, the G20 leaders agreed to the goal of reducing the share of young people who are most at risk of being permanently left behind in the labor market by 15 percent by 2025 in G20 countries.

The communique also showed that the G20 economies have developed ambitious country-specific investment strategies in order to boost much-needed infrastructure investment.

Citing an analysis by the Organization for Economic Cooperation and Development (OECD), the communique said these strategies would contribute to lifting the aggregate G20 investment to the GDP ratio by an estimated 1 percentage point by 2018.

In the communique, the G20 leaders pledged to work together for a successful Nairobi ministerial meeting on world trade and called for the prompt ratification and implementation of the Trade Facilitation Agreement.

The G20 leaders also agreed to step up the fight against corruption and plug tax loopholes exploited by multinational companies, as part of the efforts to enhance the resilience of financial institutions.

"The G20 represents 80 percent of the world economy, you can't make it happen in any other forum. Although the G20 is not a decision-making forum, but once a consensus is reached you can carry it forward wherever a decision has been made," OECD Secretary-General Angel Gurria said.