The Group of 20, or G20, represents an informal forum of 19 countries considered the world’s largest economies, in addition to the European Union and representatives of the World Bank and the International Monetary Fund. It is also known as the Financial G20 .
It is the heads of state, the heads of the central banks of the member countries, as well as the finance ministers, who meet periodically to discuss the direction of the world economy.
With greater economic diversity than the G7, including developing countries, the objective of the G20 is to promote cooperation between these nations in the pursuit of stable and sustainable growth, which will benefit all member countries and the world economy in general. .
G20 meeting and summit
The first meeting was held in 1999, prompted by the global crisis of the late 1990s. Since then, the finance ministers and heads of central banks of the member countries have met annually.
The first summit, a meeting between the heads of state of the G20 member countries, took place in 2008 at the initiative of the then president of the United States, George W. Bush, to think about a global resolution plan for the financial crisis of North America. 2008.
The G20 was instrumental in this post-crisis moment. Experts say it was the decisions made at that year’s summit that saved the world from another major depression.
G20 member countries
- South Africa
- Saudi Arabia
- South Korea
- And the European Union
Financial G20 and Commercial G20
The G20 is also known as the Financial G20, for bringing together the finance chiefs of member countries with a focus on the development of the world economy.
In 2003, during a preparatory meeting for the World Trade Organization meeting, the G20 Trade 1 emerged at the initiative of Brazil, made up of developing countries as a cooperation mechanism focused exclusively on the agricultural policy of those countries.
The Commercial G20 is actually made up of 23 countries:
- South Africa