US to Call on G20 to Boost Growth

U.S. President Barack Obama will call on leaders from the Group of 20 to use fiscal policy and other tools to boost economic growth while reducing excess capacity at steel factories, Treasury Secretary Jack Lew said on Wednesday.

The United States will also urge the G20 group to pay more attention to angry and anxious citizens who feel left behind by the global economic recovery, Lew said in a preview of America’s message to the Sept 4-5 summit in Hangzhou, China.

“There are very real concerns about globalization and technology, but the answer cannot be to close ourselves off,” Lew said in prepared remarks at the Brookings Institution.

The G20 needs to find ways to boost the living standards of poor and middle-class families, Lew said. Obama will press G20 leaders to make banking services universally available, Lew said.

The U.S. president also will urge more countries to launch reviews of fuel subsidy programs, part of a commitment at the G20 to phase out inefficient programs supporting fuel purchases.

via CNBC

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