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

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.