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G20 ministers call for inclusive growth

Staff Writer | January 21, 2017
Ministers of G20 member nations at the World Economic Forum have called on the international group of major economies to continue aiming for inclusive growth and free trade, and rejecting protectionism.
World Economic Forum
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"If you want to get more inclusive growth, you need more free trade," said Wolfgang Schauble, the federal minister of finance in Germany, which currently holds the G20 presidency. Schauble argued the G20 should redouble efforts to promote inclusive growth as a part of free trade.

Inclusive growth is development that creates opportunity for all segments of the population, and which sees benefits of increased prosperity distributed more equally.

Nicolas Dujovne, Argentina's treasury minister, said that Argentina's closure to international trade would end as his country embraced globalization. He said the new administration was "opening the economy and wants to open up and receive the benefits of globalization to generate more inclusive growth."

Dujovne admitted that avoidance of competition and openness had not been good for Argentina, which will take over the G20 presidency in November 2017.

Inclusive growth had been a cornerstone of the Turkish G20 presidency in 2015, and Mehmet Simsek, deputy prime minister of Turkey, argued that it was important for creating jobs and reducing income inequality.

"Evidence shows that inequalities constrain global growth," he said, adding that protectionism was another growth hurdle.