G20

  • The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).
  • It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
  • The G20 is composed of most of the world’s largest economies, including both industrialized and developing nations, and accounts for around 90% of gross world product (GWP), 75–80% of international trade, two-thirds of the global population, and roughly half the world’s land area.
  • The G20 was founded in 1999 in response to several world economic crises.
  • Since 2008, it has convened at least once a year, with summits involving each member’s head of government or state, finance minister, foreign minister, and other high-ranking officials; the EU is represented by the European Commission and the European Central Bank.
  • Other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
  • At its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.
  • The group’s stature has risen during the subsequent decade, and it is recognized by analysts as exercising considerable global influence; it is also criticized for its limited membership, lack of enforcement powers, and for alleged undermining of existing international institutions.
  • Summits are often met with protests, particularly by anti-globalization groups.