Sustained development, balanced growth would be key priorities for G20 leaders

Expectations are rife that the ninth conclave of G20 nations in St Petersburg, Russia, will come out more concrete steps to aid global economic growth and for increased participation of emerging economies in international finance and trade matters.

However, sparks are also expected to fly over topics like Syria and the quantitative easing program of the US. The US, where the first G20 summit was held in 2008, is likely to face criticism for its possible monetary and fiscal policy scale-back, actions that are likely to cause more shocks to global economic growth. Currently nations like India and Brazil are facing capital flight problems, due to the policy speculation in the US.

Russian President Vladimir Putin had, prior to the summit, indicated that he expects further consensus among the participants on major global issues and commitment for strong, balanced and inclusive growth along with sustainable development.

Putin, however, admits that the global economy is still fraught with several risks. "Though we are witnessing a slow recovery, the pace is not sufficient enough to offset the global imbalances," he says.

The Russian president admits that important decisions need to be arrived at to stimulate investment, while a roadmap for long-term investment financing needs to be developed and implemented during Australia's G20 Presidency in 2014, along with the principles for institutional investors.

According to Putin, the G20 leaders may also unveil steps to:

- Invigorate capital markets.

- Improve financial regulations and create better infrastructure both globally and nationally.

- Create a stronger multilateral trade system,

- Enhance sustainability of energy and commodity markets

- Fight corruption.

"I am convinced that the forthcoming Leaders' Summit in St Petersburg will reaffirm the G20's role as an efficient mechanism for coordinating the world's leading economies' policy approaches to global economy and finance," Putin says.

Inspite of Putin's expectations, spillovers of the US Federal Reserve's plan to scale back its economic stimulus are expected to feature prominently in the G20 discussions, a Xinhua report said.

Russia's leading official, or Sherpa, for the G-20 meeting, Ksenia Yudaeva says that policymakers will consider steps to boost sagging economies in developed and developing countries, and also work for the creation of a favorable environment for private investment, along with measures to boost infrastructure investment.

"Uncertainties surrounding the US Federal Reserve's plan to phase out stimulus are also expected to be discussed widely," she says. So far, the US government has not specified its priorities at the summit.