G20 global growth target welcome, not unrealistic: French Finance Minister

SYDNEY Fri Feb 21, 2014 8:16pm EST

French Finance Minister Pierre Moscovici leaves after the weekly cabinet meeting at the Elysee Palace in Paris February 19, 2014. REUTERS/Benoit Tessier

French Finance Minister Pierre Moscovici leaves after the weekly cabinet meeting at the Elysee Palace in Paris February 19, 2014.

Credit: Reuters/Benoit Tessier

SYDNEY (Reuters) - A target of boosting the global economic growth rate over the next five years that is being discussed at the Group of 20 meeting is a welcome and realistic goal, French Finance Minister Pierre Moscovici said on Saturday.

"We can obtain substantial growth gains of around 0.5 percent a year or 2.5 percent over five years as long as the reforms are coordinated," Moscovici told a group of reporters at the meeting in Sydney. "These are ambitious intentions but not unrealistic."

The meeting of rich and developing nations is close to setting a concrete global growth goal, Australian Treasurer Joe Hockey said earlier.

The IMF has estimated that reforms could raise world growth by about 0.5 percentage point per year over the next five years, boosting global output by $2.25 trillion.

(Reporting by Cecile Lefort; Writing by Lincoln Feast; Editing by John Mair)

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