The Group of Twenty [G20] summit, which was first convened in 1999, is the principal venue for international cooperation to broaden the discussion on the most pressing issues that the global economy and financial system face. The G20 summit brings the world's biggest established and developing economies together to carry on the economic discussion in an international forum. It is an informal organisation comprising 19 countries and the European Union (EU), as well as officials from the World Bank and the International Monetary Fund.
Group of Twenty [G20] History
The G20 Summit 2021 was held in Rome, Italy in October 2021. It was the 16th G20 summit which was held on October 20th and 31st, 2021. It was chaired and hosted by the leader Giuseppe Conte.
During 1998-1999, the countries with a massive international emerging market and booming economic growth decided to organise an international forum to discuss the global financial system. The decision was critical because the Asian financial crisis had just ended in 1997-98. As a result, the G7 Finance Ministers decided to convene a meeting of G20 Finance Ministers and Central Bank Governors in 1999.
The meeting focused on key financial and fiscal policy problems concerning large nations in the global financial system. Their goal was to promote cooperation in the pursuit of consistent and reliable economic development in order to maximise financial benefits for all countries.
Group of Twenty [G20] & COVID 19
- The outbreak of the pandemic of COVID-19 caused the G20 to deviate from its initial goals of sustainable economic growth along with losing its concentration.
- The revised goals of the G20 aim to pursue more strategic ways to sustain different sustainable goals. In their new agenda, the G20 has addressed all issues related to Climate change, employment and social security issues, inequalities and disparity, farming and agribusiness, immigration, corruption, financial crimes, drug smuggling, food security and nutrition, and disruptive technology.
G20 SUMMIT 2023 - Hosted by India
- India has been elected to preside over the international body of G20 from the 1st of December 2022 to the 30th of November 2023. As a result, India is going to host the G20 Summit 2023 here.
- The chairperson will be the hon'ble prime minister Narendra Modi who is going to host the summit
- The Secretariat will operate until February 20, 2024. It will also allow India's leadership on global issues at multilateral organisations to develop long-term capability, including competencies and understanding.
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G20 is an international forum established by major economically sound and developing countries to discuss the global economic and financial system. The G20 Summit must expand its ties with international organisations such as the IMF, OECD, WHO, World Bank, and WTO, and allocate to them the responsibility of monitoring progress to achieve better economic growth.
FAQs on Group of 20 [G20]
Q1. Which countries are known as Group of Twenty [G20] countries?
The member nations of the Group of Twenty [G20] include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
Q2. What does "G20" mean?
The G20 refers to the group of 20. It is considered the world's leading platform dedicated to carrying on international economic and trade relations.
Q3. What was the objective of the Group of Twenty [G20]?
The G20, or Group of twenty, was founded in 1999 by envisioning a coalition of twenty countries possessing the biggest economies in the world. The objective of the formation of the G20 was to bring together the world's most powerful advanced and emerging economies to discuss the worldwide economic sustainability of the financial system.
Q4. How was the Group of Twenty [G20] started?
The Group of Twenty [G20] was initially a meeting of finance ministers and central bank governors with the goal of broadening the debate on strategies that would help to resolve the worldwide economic crisis.