G20 pushes the growth agenda

The Group of Twenty (G20) finance heads meeting in Gwangju, a southwestern city in South Korea, have agreed to sustain global economic recovery, although at a reduced pace, even as they touted financial sector reforms.

"There was an agreement that the recovery will continue even though the speed may slow from the level we thought of two to three months ago," Kim Jae-chun, deputy governor of South Korea's central bank, said.

Kim, who co-chaired the meeting of G20 finance and central bank deputies, however, said that the market reaction to concerns about economic slowdown was overblown.

Korea, meanwhile sought more representation for smaller players in the international financial arena through readjusting representation on the International Monetary Fund's executive board.

While there has already been much discussion on increased representation to emerging major economies in the international financial institutions, the issue has been bogged down by Europe's reluctance to agree on diminished voting rights on the IMF's 24-member board.

G20 representatives and officials from international organisations will meet again on Sunday to discuss issues, including reform in the global financial regulatory framework.