The G-20's first specific growth target, announced over the weekend, has been given a stamp of approval by the World Bank.
Bertrand Badre, the managing director and group chief financial officer at the World Bank, told CNBC on Monday that the most important development to come out of the G-20 was the shift in focus away from austerity towards growth.
"I think it's fantastic that the global community has an aim of making growth the center of the agenda. Contrary to speculation before, everybody's supporting it. It's a great paradigm shift," said Badre.
"One of the most important elements is just the word 'growth.' We have emerged from many years when it was just about austerity," he added.
The G-20 said in a communiqué on Sunday that they would develop policies to lift their collective gross domestic product by an additional 2 percentage points over the coming five years, generating over $2 trillion in additional output and creating tens of millions of new jobs.
Members have until November when the next G-20 summit takes place in Brisbane, Australia, to finalize their own strategies to implement the structural reforms necessary to achieve the fresh target.
(Read More: Global growth targetambitious but achievable: France)