"Sluggish growth and spillovers of the U.S. Federal Reserve's plan to scale back its economic stimulus are expected to feature prominently in discussions at the upcoming leaders' summit of Group of 20 or G20, said Russian organizers of the event Tuesday.
At the St Petersburg summit slated for Sept. 5-6, policy makers will discuss ways to boost sagging economies in both developed and developing countries, which include creating favorable environment for private investment and scaling up investment in infrastructure, said G20 Sherpa Ksenia Yudaeva at a press conference here.
As for possible fiscal strategies G20 leaders would adopt to promote sustainable growth, Yudaeva said there will be "no unified approach" for all countries, as economic situation varies from country to country. But the ultimate goal is same, which is to " improve the fiscal situation in the medium term."
G20 leaders, she said, will adopt plans to assess global risks and set out actions regarding financial and structural reforms and job creation.
On the global financial and economic landscape, Yudaeva said one of the progress made since last year is a more stabilized Europe. Taking into consideration its economic growth momentum, " Europe seems to get out of the recession," she said.
As for the new formula of the International Monetary Fund (IMF) quotas, Yudaeva admitted it was the area where the least progress has been achieved".
