As the Group of 20 (G20) summit opens in the Turkish Mediterranean resort of Antalya, the international community is looking up to the leaders of the world's most influential economies to come up with strong agreements to fulfill G20's mandate of promoting strong, balanced and sustainable growth across the globe. [Special coverage]
Seven years after the global financial meltdown, there is still little sign that the world economy is on the right track back to strong recovery. Growth is not picking up, trade is weak, and investment is slowing down. Some experts cautioned that a recession is imminent.
Earlier, the Paris-based Organization for Economic Co-operation and Development (OECD), trimmed in its twice-yearly outlook the forecast for global economic growth to 2.9 percent this year and 3.3 percent in 2016, down from the previous predictions of 3.0 percent and 3.6 percent, respectively.
In last year's summit in Australia's Brisbane, the G20 set itself an ambitious goal to lift their gross domestic product by at least an additional two percent by 2018, agreeing on measures to lift investment, trade and competition, and employment.
Taking over the baton, Turkey, the host of the summit, has highlighted the "three Is", inclusiveness, implementation and investment, on G20's agenda to revitalize a sluggish global economy.
The global economic governance also needs the determination and political will from the G20 countries to carry out key and necessary reforms, such as the 2010 International Monetary Fund quota reforms, and to finalize the long-stalled Doha round of trade talks as soon as possible.
As the two-day summit convenes, the G20 leaders are expected to discuss these key economic topics, including inclusive growth, employment and investment, as well as financial regulation.
On the eve of the summit, a wave of terrorist attacks rocked the French capital of Paris, slaughtering 129 people and injured hundreds more. The Islamic State (IS) militant group has claimed responsibility.
The G20 is expected to put out a statement on fighting terrorism later Sunday.
