What is The G20?
by With the G20 summit to be held in South Korea. Many of us should know what the G20 is in this tough economic situation facing the world.
What is the G20?
The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy.
The Group of Twenty or G20 group comprises the world’s 19 leading national economies, plus the European Union.
Until 2008 the G20 was overshadowed by the smaller G8 grouping of France, Germany, Italy, Japan, the UK, the US, Canada and Russia.However, this has changed since the global financial crisis of 2008, and the G20 has effectively now replaced the G8 as the main global economic forum.
The major growth in the economies of G20 members China, India and Brazil has also contributed to the rising importance of the grouping.The G20 currently meets twice a year, but this is set to reduce to one meeting from 2011.
G20 members
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, US, UK, European Union.
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