Gross Domestic Product and G20 Finance Ministers

G20 finance ministers: Australian Treasurer Joe Hockey, who hosted the Group of 20 meeting in Sydney, said the commitment from the G20 finance ministers and central bankers was "unprecedented." , according to CBC. The centrepiece of the $2 trillion commitment made at the Sydney meeting is to boost the combined gross domestic product of G20 countries by 2 percent above the levels expected for the next five years, possibly creating tens of millions of new jobs. World GDP was about $72 trillion in 2012. Finance chiefs from the 20 largest economies agreed Sunday to implement policies that will boost world GDP by more than $2 trillion over the coming five years. The world economy has sputtered since the 2008 financial crisis and global recession that followed. Progress in returning economic growth to pre-crisis levels has been hampered by austerity policies in Europe, high unemployment in the U.S. and a cooling of China's torrid expansion. (www.immigrantscanada.com). As reported in the news.