Ankara, Turkey, Finance Ministers and Central Bank Governors of leading 20 economies converge in Ankara, Turkey to brainstorm on ways to tackle several challenges of the world economies today.

During his opening remarks, Ahmet Davutoglu, prime minister of Turkey, Davutoglu stated that insecurity has been a big threat to growth of the world economy but some developed nations are insensitive to the development. According to him, there are six countries that do not have authority over their territories. “The world should address youth unemployment and poverty, which are responsible for ideological confrontation across the world today. We have to be inclusive in our approach because no nation is immune to crisis. We should learn how to implement our decisions and enough of paper decisions,” he said.

The prime minister added that the G20 leaders failed to achieve it 2 per cent growth of the world economy in 2015 because world leaders refused to implement policies that will address challenges of low income developing economies. “Trade has reduced across the world because the needs of the emerging markets are not met and that increased migration rate among them. Turkey has decided to address this challenge by engaging emerging economies and small and medium enterprises, SMEs, across the world in the G20 summit in November. We will listen to them and proffer solutions to their challenges,” he added.

The meeting, which precedes the G20 leaders’ summit coming up in November 15 and 16, 2015, provides an important and timely opportunity to make a comprehensive evaluation of the progress on the agenda and Finance Track deliverables to be submitted to G20 Leaders at the Antalya Summit, and discuss actions required to achieve G20’s ambitions for the year. The annual event offers a platform for experts to express their views on the recent global economic developments, challenges and collective measures to address them as well. They will also review the progress in monitoring and adjustment of G20 growth strategies and evaluate the way forward for G20 investment strategies.

Also, G20 Ministers and central bank’s governors will have the opportunity to hear B20 representatives’ perspectives on the 2015 B20 agenda and draft B20 recommendations to the G20 in the run up to the G20 and B20 Summits during a working dinner. “This meeting will enable G20 Finance and Labor Ministers to discuss growth and employment nexus. Finance and Labor Ministers from G20 members and guest countries and high-level representatives of international organizations will discuss strategies to deliver more and better jobs and policies to reduce inequalities to support inclusive growth,” the prime minister said.