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Why G20 members need better cooperation to boost openness of
发布时间:2015-11-17 05:25 来源:http://www.techolics.com

Why G20 members need better cooperation to boost openness of

Why G20 members need better cooperation to boost openness of

Journalists work at the main zone of the site of G20 Summit, which will be held from Nov. 15 to 16, in Antalya, a Mediterranean resort city of Turkey, on Nov. 13, 2015. (Xinhua/Pan Chaoyue)

ANTALYA, Turkey, Nov. 15 (Xinhua) -- There have been renewed calls for the world's 20 major advanced and emerging economies to work for greater openness in the world economy as their leaders start a two-day summit Sunday in this Mediterranean resort.

Why is it so urgent for the G20 members to strenghen the cooperative mechanism in the group?

In its latest Economic Outlook, the Organization for Economic Cooperation and Development (OECD) cut its forecasts for global economic growth to 2.9 percent for this year and 3.3 percent for 2016.

Also, the OECD pointed to a "dramatic slowdown in global trade growth," which is projected to be just 2 percent this year, down from the 3.4 percent posted in 2014.

A World Trade Organization (WTO) report issued on Nov. 2 said the stockpile of trade-restrictive measures by G20 economies continues to grow, despite their "relative restraint" in introducing new trade restrictions.

Why G20 members need better cooperation to boost openness of

Banners of the G20 summit are seen at Antalya airport, Turkey, Nov. 11, 2015. The G20 summit will be held from Nov. 15 to 16 in Antalya. (Xinhua/He Canling)

The global economy faces serious problems that need coordinated action, said Ussal Sahbaz, an analyst at the Economic Policy Research Foundation of Turkey.

"One of them is the fall in the growth of trade, which used to grow much faster than the world economy, before the 2008 (global financial) crisis."

Sahbaz ponited that the possible reasons for the slow growth are increasing number of bilateral and regional trade agreements, and increasing non-tariff barriers to trade.

The other two problems hampering world economic recovery are the growing global infrastructure gap and rising inequalities in the world, Sahbaz said.

"The world has to provide coordinated solutions to the global skills transformation problem," he said.