Growth and Development
Strengthening development is central to the G20’s objective of achieving strong, sustainable and balanced growth and ensuring a more robust and resilient economy for all. The G20’s work focuses on activities that lift growth across the developed and developing world to benefit people in all countries.
Emerging and developing economies contribute the bulk of global economic growth, but face several constraints to economic growth and resilience. Overcoming these bottlenecks is not just a problem for poor countries – G20 economies account for around 85 per cent of the world’s gross domestic product but are home to more than half of the world’s poor.
In 2014, Australia is integrating development discussions within the broader agenda and focusing on three key areas to empower development:
- increasing financing for infrastructure investment in developing countries by encouraging the right conditions to attract private sector investment
- ensuring that developing countries can reap the benefits of the G20’s efforts to improve the international tax system, including combating tax avoidance and increasing the sharing of information between tax authorities
- assisting developing economies to expand the use of formal financial services and take action to reduce the cost of transferring remittances into developing economies.
Focusing on these priority issues will ensure that developing and emerging economies can contribute to and benefit from G20 efforts to boogst growth.
Download the Policy Note Growth and Development.
For more information, visit the Department of Foreign Affairs and Trade website on the G20 development agenda.
Development Working Group (DWG)
(Co-chairs: Australia, Turkey, South Africa and Russia)
As agreed by Sherpas, the DWG is ensuring that work on development is integrated into the G20’s broader growth agenda and advances practical actions to support developing and low-income countries’ participation in global economic growth.
The work of the DWG intersects with that of other groups, including the Framework Working Group (FWG), the Investment and Infrastructure Working Group (IIWG), the Taskforce on Employment (TFE), the Anti-Corruption Working Group (ACWG), Finance Deputies and the Sherpa-led work on trade (in relation to food security). The DWG reports to Sherpas and Finance Deputies in relation to investment and infrastructure, domestic resource mobilisation and financial inclusion.
The DWG held four meetings during Australia’s G20 presidency:
- 16 –17 December, Sydney | More information
- 14 April, Washington (informal meeting) | More information
- 8 –9 May, Hobart | More information
- 3 –5 September, Perth | More information
Key documents from 2014 include:
- G20 Development Working Group 2014 Annual Progress Report
- Automatic Exchange of Information: A Roadmap for Developing Country Participation (Global Forum on Transparency and Exchange of Information for Tax Purposes)
- A Report to G20 Development Working Group on the Impact of BEPS in Low Income Countries (OECD)
- G20 Reponse to 2014 Reports on Base Erosion and Profit Shifting and Automatic Exchange of Tax Information for Developing Economies
- Assessment of the Effectiveness of Project Preparation Facilities in Asia (Adam Smith International)
- Report on Infrastructure Agenda and Response to the Assessments of Project Preparation Facilities in Asia and Africa
In addition, a number of documents annexed to the Brisbane Leaders’ Communique relate closely to the work of the DWG, in particular:
- 2014 Financial Inclusion Action Plan (Global Partnership for Financial Inclusion)
- G20 Plan to Facilitiate Remittance Flows
- G20 Food Security and Nutrition Framework
- Development Working Group Accountability Framework
- Opportunities for Economic Growth and Job Creation in Relation to Food Security and Nutrition (FAO and OECD)
- Growth for All: 2014 Brisbane Development Update
The third annual meeting bringing together members of the G20, the Commonwealth and La Francophonie, held in Washington in April, deepened dialogue and engagement on the G20’s development agenda.
To contribute to UN-led discussions on the post-2015 development agenda, Australia co-hosted a post-2015 G20 discussion forum in May in Hobart. The forum discussed the importance of economic growth, jobs and global resilience in development, and was attended by several engagement group representatives.