The G20, short for Group of Twenty, is a club of the world’s biggest economies. It includes 19 countries plus the European Union. Founded in 1999, they work together to tackle important issues like global economic stability, growth for everyone, and sustainability. By talking things through, they aim to make the world economy stronger.
History of G20
The Asian financial crisis of 1997-1998 was a wake-up call for the world’s biggest economies. They realized they needed to work together better to face global economic challenges. That’s why they formed the G20 in 1999, initially as a meeting of finance ministers and central bank governors. By 2008, during the global financial crisis, the G20 had grown in importance and became a leaders’ summit. Since then, it’s played a key role in shaping global economic policies and tackling major issues faced by the world economy.
List of G20 countries
The G20, or Group of Twenty, is a big club of the world’s major economies. It includes 19 countries like Argentina, China, and the United States, plus the entire European Union. These members are power players, making up about 85% of the world’s wealth (GDP), 75% of international trade, and housing two-thirds of the global population!
The G20 doesn’t work alone. Every year, they invite other countries and important organizations like the United Nations and World Bank to join their discussions. This helps them tackle big issues affecting everyone, like global economic stability and fair trade.
G20 Summit Presidency 2024
The leadership of the G20 has shifted towards the Global South, with Brazil taking over from India in December 2023. This creates a powerful group of three leading countries (India, Brazil, and South Africa) working together.
Since 2022, there’s been a push to address the challenges faced by developing countries. Issues like climate change, political instability, inequality, and debt are high on the agenda. While some progress has been made on climate action, African Union membership, and reforming development banks, there’s still a lot to be done.
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G20 Summit 2024 Schedule
The G20 Summit 2024 will be held in Rio de Janeiro, Brazil on November 18th and 19th, 2024. World leaders from the 19 G20 member countries, along with representatives from the African Union and the European Union, will be gathering to discuss pressing global issues.
