G8 leaders stress boosting growth, job creation

Updated: 2012-05-20 04:28


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WASHINGTON -- Leaders of the Group of Eight (G8) industrialized nations said on Saturday that bolstering economic growth and job creation was critical to the global economic recovery, as Greek political deadlock and banking sector stress in Spain and Italy weighed on markets in past weeks.

"The global economic recovery shows signs of promise, but significant headwinds persist," the G8 leaders said in a statement on the global economy released by the White House, adding that " our imperative is to promote growth and jobs."

"We welcome the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis," said the statement released after leaders from the major advanced economies discussed the global economic issues at Camp David in Maryland.

"We agree on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments, " the leaders agreed.

All G8 nations need to take actions to boost confidence and nurture recovery including reforms to boost productivity, growth and demand within a "sustainable, credible and non-inflationary" macroeconomic framework.

"To raise productivity and growth potential in our economies, we support structural reforms, and investments in education and in modern infrastructure, as appropriate. Investment initiatives can be financed using a range of mechanisms, including leveraging the private sector," according to the statement.

Robust international trade, investment and market integration are key drivers of strong sustainable and balanced growth, said the leaders, stressing the importance of open markets and a fair, strong, rules-based trading system.