Report: Fewer regulations would boost global growth

Fewer regulations and better international coordination on policy issues will lead to a more robust global economy, according to a new report released on Tuesday.

The B20 Coalition, which represents a range of businesses from Group of 20 countries, is pressing for better market access for trade and investment while urging the global business community to identify priorities for that growth.  

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"The G20 and individual governments should assist the private sector’s efforts, not only through budgetary discipline, but also by removing international and national barriers to business activity and improving international coordination in key policy areas," according to the B20 Coalition’s first Global Business Outlook. 

"Global recovery, although modest and uneven, is underway, and the private sector has a major role to play in sustaining and boosting post-recession growth," the report concluded.

U.S. Chamber of Commerce President and CEO Thomas Donohue joined business leaders from G20 countries in Paris on Tuesday to discuss the way forward for this year's agenda for the global business community.

“In the U.S. our recovery is finally gaining some traction, but there are many challenges and uncertainties at home and internationally that could jeopardize our recovery,” Donohue said.  

"We need governments to tear down the impediments to growth, restrain their appetites to tax, spend, and mandate, and act courageously to build the necessary infrastructure, and complete the major free trade deals now in the pipeline."

The report assesses worldwide economic trends, highlights threats to financial recovery and identifies new drivers for growth, such as better avenues to increased trade and the potential benefits of the digital economy.

The report calls for improvements in global policy coordination, especially with tax systems.

In addition, it urges G20 countries to address problems of long-term unemployment and skills shortages.