G20 Seoul Summit Document: Framework for Strong, Sustainable and Balanced Growth, 11-12 November 2010

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

 “10. Structural Reforms: We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:

Product market reforms to simplify regulation and reduce regulatory barriers in order to promote competition and enhance productivity in key sectors.

Labor market and human resource development reforms, including better targeted benefits schemes to increase participation; education and training to increase employment in quality jobs, boost productivity and thereby enhance potential growth.

Tax reform to enhance productivity by removing distortions and improving the incentives to work, invest and innovate.

Green growth and innovation oriented policy measures to find new sources of growth and promote sustainable development.

Reforms to reduce the reliance on external demand and focus more on domestic sources of growth in surplus countries while promoting higher national savings and enhancing export competitiveness in deficit countries.

Reforms to strengthen social safety nets such as public health care and pension plans, corporate governance and financial market development to help reduce precautionary savings in emerging surplus countries.

Investment in infrastructure to address bottlenecks and enhance growth potential. In pursuing these reforms, we will draw on the expertise of the OECD, IMF, World Bank, ILO and other international organizations.”

 
Scope: 
International