The
G20 is an annual meeting of leaders from the countries with the largest and
fastest-growing economies. Its members account for 85% of the world’s GDP, and
two-thirds of its population.
The
G20 Summit is formally known as the “Summit on Financial Markets and the World
Economy”.
After
the Asian Financial Crisis in 1997-1998, it was acknowledged that the
participation of major emerging market countries is needed on discussions on
the international financial system, and G7 finance ministers agreed to
establish the G20 Finance Ministers and Central Bank Governors meeting in 1999.
The
group has no permanent staff of its own, so every year in December, a G20
country from a rotating region takes on the presidency. That country is then
responsible for organising the next summit, as well as smaller meetings for the
coming year. They can also choose to invite non-member countries along as
guests.
The
first G20 meeting took place in Berlin in 1999, after a financial crisis in
East Asia affected many countries around the world.
The
G-20 comprises 19 countries — Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,
South Africa, South Korea, Turkey, United Kingdom and the United States and the
European Union.
No comments:
Post a Comment