Int'l organizations call for decisive growth action

Leaders of several international economic organizations called on governments to take "decisive action" to strengthen reforms and boost growth at a meeting hosted by German Chancellor Angela Merkel in Berlin on Tuesday.

"Global economic growth suffered a slight setback once more," said Merkel and OECD Secretary General Angel Gurria, IMF Managing Director Christine Lagarde, World Bank Group President Jim Yong Kim, ILO Director General Guy Ryder and WTO Director General Roberto Azevedo in a joint statement.

"We all agree that decisive action and a new policy mix are needed," the leaders said, adding that the euro area must reinforce "structural reforms and long-term fiscal sustainability," the United States must take "adequate economic, fiscal and monetary policy measures," while emerging market countries should reverse the downturn of growth by undertaking "courageous reform measures."

To re-accelerate productivity, investment, innovation and digitization are crucial, read the statement. Further efforts must also be taken to improve education and health system, narrow social divides and promote gender equality.

In order to complement the multilateral trading system, new bilateral and regional free trade arrangements should be open, transparent and comprehensive, it said. Endit