G20 is an abbreviation frequently seen in news headlines about global summits and economic policymaking.
But what does G20 really stand for and what is its purpose? Let’s find out.
Full Form of G20
G20 stands for Group of Twenty.
It is an intergovernmental forum of the world’s major developed and developing economies.
History of G20
The G20 was formed in 1999 after the Asian Financial Crisis as a platform for finance ministers and central bank governors.
It was elevated to a summit for heads of state/government in 2008 after the global financial crisis.
Objective of G20
The key objectives of the G20 forum are:
- To promote global economic growth, international trade and financial stability.
- To formulate coordinated policies between advanced and emerging economies.
- To discuss solutions for major global challenges.
Members of G20
The members of the G20 are 19 countries plus the European Union:
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States.
Together they represent 85% of the global GDP and 75% of international trade.
The G20 presidency rotates annually between members. India holds the presidency for 2023.
In summary, G20 or Group of Twenty is a strategic multilateral platform promoting global financial and economic cooperation.