In 2014 the G20 promised to implement country-specific reforms to increase G20 GDP by 2 per cent by 2018, or about US$2 trillion. But according to the IMF’s latest forecasts the G20 is falling short by US$5 trillion. G20 GDP will be 3 per cent smaller in 2018 instead of being 2 per cent larger. So which countries aren’t pulling their weight?
To have done its fair share, each country needs to have grown its GDP by at least 2 per cent since October 2013 (the baseline for the commitment). To cut to the chase, Asia is not doing the heavy lifting, contrary to popular opinion. The region tends instead to be fairly mixed in terms of its performance.