1st LD: G20 leaders to focus on further actions to revive recovery, fight terror

Group of 20 (G20) leaders continued discussions here on Monday on some of the most pressing economic, financial and security issues, focusing on more actions to revive an anemic global economic recovery, and to fight against global terrorism.

In Monday's sessions, the leaders are going to talk about financial regulation, reforms of the International Monetary Fund, international tax system, and anti-corruption.

The summit came at a time when the world has been struggling to materialize a strong, sustainable and balanced growth. Yet seven years after the global financial meltdown, there is still little sign that the world economy is on the right track back to strong recovery. Growth is not picking up, trade is weak, and investment is slowing down. Some experts cautioned that a recession is imminent.

Early in November, the Organization for Economic Co-operation and Development trimmed its forecast for global economic growth to 2.9 percent this year and 3.3 percent in 2016, down from the previous predictions of 3.0 percent and 3.6 percent. The International Monetary Fund (IMF) has also made similar pessimist projections recently.

In the summit in Australia's Brisbane 2014, the G20 set itself an ambitious goal to lift their gross domestic product by at least an additional two percent by 2018, agreeing on measures to lift investment, trade and competition, and employment.

However, Tristram Sainsbury, research fellow with G20 studies center at Lowy Institute for International Policy, said the G20 growth strategy is not adding to growth, and that the G20 members need to do more to coordinate their pro-growth policy.

On the eve of the summit, a wave of terrorist attacks rocked the French capital of Paris, killing at least 129 people and injuring many more. The Islamic State (IS) militant group has claimed responsibility.

Turkey, the host, has also been subject to a spate of terror attacks, the biggest being twin suicide bombings that hit a peace rally in Ankara and killed a total of 102 people on Oct. 10.

Late on Sunday, the leaders discussed how to better coordinate their actions to fight terrorism and handle the surging refugee crisis.

In a statement, the G20 leaders condemned the "heinous" attacks in Paris and Ankara, and reaffirmed that "terrorism cannot and should not be associated with any religion, nationality, civilization or ethnic group." Endit