Turkey: G20 should set 'concrete' investment promises

ISTANBUL – Turkey wants to set clear goals for G20 countries’ investment commitments, even though it is “not clear” if all members of the international body want to set such targets, Turkey’s deputy prime minister has said.

Ali Babacan was speaking at the launch of a new OECD report at a meeting of G20 finance ministers and central bank governors in Istanbul on Monday.

Although G20 countries last year pledged to tackle sluggish growth, boost investment and create jobs to add up $2 trillion to global GDP – while increasing the growth rate by 2 percent – not all are willing to commit to set goals.

"Whether all 20 countries are committed to internationally abide themselves to concrete investments... we do not know yet," Babacan said.

OECD secretary general, Angel Gurria, said some countries found it difficult to take measures over which they do not have full control.

Gurria said that cross-border finance also made it difficult for some G20 countries to adhere to set investment promises.

Both men were speaking to the media at the release of the "OECD Going for Growth" document.

Today’s OECD report says the pace of policy reforms, which are seen as vital to boost productivity and jobs for growth, has slowed in most advanced economies.

"We understand the difficulties many governments face in pushing for reforms, in a context of weak demand, limited budgetary leeway and high unemployment," said Gurria.

Gurria also urged major corporations not to evade taxation by moving their revenues to countries, where tax rates are lower.

"This might be legal, but clearly it is not right," said Gurria.

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