ECONOMIC REPORT OF THE PRESIDENT

einforced U.S. leadership in the rules-based global economic system
that has prevailed since the end of World War II.
Within months of taking office, in April 2009, the President joined
the second-ever summit meeting of the G-20 leaders. At that time, the
global economy was shrinking for the first time in half a century as
the world dealt with the financial crisis and its aftershocks. Together,
the G-20 countries mobilized trillions of dollars in fiscal stimulus and
expanded the resources of the IMF and Multilateral Development Banks
by $1 trillion. The G-20 created the Financial Stability Board, which has
helped to coordinate the G-20’s financial reform agenda and to put in
place international policies to end “too-big-to-fail.” This has made the
global economy better able to weather financial shocks and to prevent
these shocks from causing broader economic damage on Main Street
and across borders. The G-20 countries agreed to refrain from beggarthy-neighbor
competitive devaluation of currencies and to take actions
against tax havens and profit shifting. By 2016, both the U.S. and global
economies are substantially stronger than they were—though more work
remains to be done.
In addition to immediate crisis response, the G-20 is taking steps
to build a framework for strong, sustainable, balanced, and inclusive
growth in the long term. These have included commitments to increase
female labor force participation, phasing-out of fossil fuel subsidies,
implementing strategies to create jobs and boost investment, and commitments
to promote sustainable development. In 2010, the Obama
Administration hosted the first meeting of G-20 labor and employment
ministers in Washington and committed to spur action to create quality
jobs, lift living standards, and promote broadly shared prosperity. Since
then, G-20 member nations have committed to bring more women into
the labor force, reduce income inequality, address youth unemployment,
and invest in workforce sustainable development, including through
quality apprenticeships and other measures. They have also improved
financial transparency and made significant progress to address corruption
around the world.
Expanding opportunities for U.S. businesses, farmers, entrepreneurs,
and consumers through trade. The United States has initiated
and strengthened high-standards trade agreements with countries across
the world, seeking to open foreign markets to U.S. goods and services
and ensure a level playing field for workers and businesses. At the same
time, U.S. consumers enjoy opportunities to shop from the world,
expanding their choices and stretching their budgets further.
• Free Trade Agreements (FTAs) with Korea, Panama, and
Colombia were signed, approved by Congress, and entered into force in
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