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Special Content


volume-37,15-21 December 2018

 

 

What is the G20?

A leading global forum

 

The Group of Twenty (G20) is a leading forum of the world's major economies that seeks to develop global policies to address today's most pressing challenges. The G20 is made up of 19 countries and the European Union. The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.

Origin

The G20 was born out of a meeting of G7 finance ministers and central bank governors in 1999 who saw a need for a more inclusive body with broader representation to have a stronger impact on addressing the world's financial challenges. The G7 invited leading markets - both developed and emerging - to form a new ministerial-level forum: the G20.

In 2008, amidst the global financial crisis, the world saw a need for new consensus-building at the highest political level. Since then, the G20 summits have been attended by heads of State or Government, and the G20 was instrumental in stabilizing the world economy. Since then, its agenda has expanded to include additional issues affecting financial markets, trade and development.

Global Impact

Collectively, G20 members represent all inhabited continents, 85% of global economic output, two-thirds of the world's population and 75% of international trade.

G20 policy-making is enriched by the participation of key international organizations regularly invited to G20 meetings, guest countries invited at the president's discretion and engagement groups composed of different sectors and the civil society.               

                                                                                                                              -Compiled by EN Desk