World

Meeting of G-20 finance chiefs vows to boost world economy by $2 trillion over next 5 years

  • Australia's Treasurer Joe Hockey delivers a closing statement to the media during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)

    Australia's Treasurer Joe Hockey delivers a closing statement to the media during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)  (The Associated Press)

  • Managing Director of the International Monetary Fund Christine Lagarde gestures as she delivers a closing statement to the media during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)

    Managing Director of the International Monetary Fund Christine Lagarde gestures as she delivers a closing statement to the media during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)  (The Associated Press)

  • U.S. Secretary of the Treasury Jack Lew listens to a question after he delivered his closing statement during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)

    U.S. Secretary of the Treasury Jack Lew listens to a question after he delivered his closing statement during a press conference at the G-20 Finance Ministers and Central Bank Governors meeting in Sydney, Australia, Sunday, Feb. 23, 2014.(AP Photo/Rob Griffith)  (The Associated Press)

Finance chiefs from the 20 largest economies have agreed to implement policies that will boost the world economy by more than $2 trillion over the coming five years.

Australian Treasurer Joe Hockey, who was host of the Group of 20 meeting in Sydney, said the statement from the G-20 finance ministers and central bankers was "unprecedented."

The centerpiece of the commitment is to boost the gross domestic product of G-20 countries by 2 percent above the levels expected for the next five years, creating tens of millions of new jobs.

Each country will present a comprehensive growth strategy to a summit of leaders scheduled for November in the Australian city of Brisbane.

The G-20 combines the world's major industrialized and developing countries — about 85 percent of the global economy.