The G20 or Group of Twenty is an
intergovernmental forum comprising 19 countries and the
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
(EU). It works to address major issues related to the
global economy
The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumptio ...
, such as international
financial stability
Financial stability is a property of a financial system that dissipates financial imbalances that arise endogenously in the financial markets or as a result of significant adverse and unforeseeable circumstances. When stable, the system absorbs ...
,
climate change mitigation
Climate change mitigation is action to limit climate change by reducing emissions of greenhouse gases or removing those gases from the atmosphere. The recent rise in global average temperature is mostly caused by emissions from fossil fuels bu ...
, and
sustainable development
Sustainable development is an organizing principle for meeting human development goals while also sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. The ...
.
The G20 is composed of most of the world's
largest economies, including both industrialised and
developing nations
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreeme ...
; it accounts for around 80% of
gross world product
The gross world product (GWP) is the combined gross national income of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).Se ...
(GWP), 75% of
international trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy)
In most countries, such trade represents a significa ...
, two-thirds of the
global population
In demographics, the world population is the total number of humans currently living. It was estimated by the United Nations to have exceeded 8 billion in November 2022. It took over 200,000 years of human prehistory and history for ...
,
and 60% of the
world's land area.
The G20 was founded in 1999 in response to several world economic crises. Since
2008
File:2008 Events Collage.png, From left, clockwise: Lehman Brothers went bankrupt following the Subprime mortgage crisis; Cyclone Nargis killed more than 138,000 in Myanmar; A scene from the opening ceremony of the 2008 Summer Olympics in Beijing; ...
, it has convened at least once a year, with summits involving each member's
head of government
The head of government is the highest or the second-highest official in the executive branch of a sovereign state, a federated state, or a self-governing colony, autonomous region, or other government who often presides over a cabinet, a ...
or
state
State may refer to:
Arts, entertainment, and media Literature
* ''State Magazine'', a monthly magazine published by the U.S. Department of State
* ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States
* ''Our S ...
,
finance minister
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...
, or
foreign minister
A foreign affairs minister or minister of foreign affairs (less commonly minister for foreign affairs) is generally a cabinet minister in charge of a state's foreign policy and relations. The formal title of the top official varies between co ...
, and other high-ranking officials; the EU is represented by the
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...
and the
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
. Other countries,
international organizations
An international organization or international organisation (see spelling differences), also known as an intergovernmental organization or an international institution, is a stable set of norms and rules meant to govern the behavior of states a ...
, and
nongovernmental organizations
A non-governmental organization (NGO) or non-governmental organisation (see spelling differences) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in ...
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 recognised by analysts as exercising considerable global influence;
it is also criticised for its limited membership,
lack of enforcement powers,
and for the alleged undermining of existing international institutions.
Summits are often met with protests, particularly by
anti-globalisation groups.
History
Founding
The G20 is the latest in a series of post–
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...
initiatives aimed at international coordination of economic policy, which include institutions such as the "
Bretton Woods twins The Bretton Woods twins refers to the two multilateral organizations created at the Bretton Woods Conference in 1944. Both twin organizations functioned to enact and maintain the Bretton Woods system of proscribed international currency exchange r ...
", the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
and the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, and what is now the
World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation
in the United Nations System, governments use the organization to establish, revise, and ...
.
The G20 was foreshadowed at the Cologne summit of the
G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. Canadian finance minister
Paul Martin
Paul Edgar Philippe Martin (born August 28, 1938), also known as Paul Martin Jr., is a Canadian lawyer and politician who served as the 21st prime minister of Canada and the leader of the Liberal Party of Canada from 2003 to 2006.
The son ...
was chosen as the first chairman and German finance minister
Hans Eichel hosted the inaugural meeting.
A 2004 report by Colin I. Bradford and
Johannes F. Linn of the
Brookings Institution
The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in e ...
asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7. However, Bradford later described then-
Finance Minister of Canada
The minister of finance (french: ministre des Finances) is the minister of the Crown in the Canadian Cabinet who is responsible for overseeing the Department of Finance and presenting the federal government's budget each year. It is one of th ...
(and future
Prime Minister of Canada
The prime minister of Canada (french: premier ministre du Canada, link=no) is the head of government of Canada. Under the Westminster system, the prime minister governs with the confidence of a majority the elected House of Commons; as su ...
) Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as the one who later "proposed that the G-20 countries move to leaders level summits".
Canadian academic and journalistic sources have also identified the G20 a project initiated by Martin and his American counterpart then-
Treasury Secretary Larry Summers
Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States secretary of the treasury from 1999 to 2001 and as director of the National Economic Council from 2009 to 2010. He also served as pres ...
.
["Who gets to rule the world"](_blank)
Sean Kilpatrick. ''Maclean's
''Maclean's'', founded in 1905, is a Canadian news magazine reporting on Canadian issues such as politics, pop culture, and current events. Its founder, publisher John Bayne Maclean, established the magazine to provide a uniquely Canadian pers ...
'' magazine (Canada). 1 July 2010[Thomas Axworthy]
"Eight is not enough at summit."
''Toronto Star''. 8 June 2007. Retrieved 16 April 2011. All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality.
Martin and Summers conceived of the G20 in response to the series of massive
debt crises that had spread across
emerging market
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or wer ...
s in the late 1990s, beginning with the
Mexican peso crisis
The Mexican peso crisis was a currency crisis sparked by the Mexican government's sudden devaluation of the peso against the U.S. dollar in December 1994, which became one of the first international financial crises ignited by capital flight.
...
and followed by the
1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998– ...
, the
1998 Russian financial crisis
The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had ...
, and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund
Long-Term Capital Management
Long-Term Capital Management L.P. (LTCM) was a highly-leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York.
LTCM was founded in ...
in the autumn of 1998.
It illustrated to them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretto ...
would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.
The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner
Timothy Franz Geithner (; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank ...
. According to the political economist
Political economy is the study of how economic systems (e.g. markets and national economies) and political systems (e.g. law, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as labour m ...
Robert Wade:
Early topics
The G20's primary focus has been governance of the global economy
The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumptio ...
. Summit themes have varied from year to year.
The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, reform of the World Bank and IMF, and the impact of demographic changes.
In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance as chairperson of the G20.
In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy
Clean may refer to:
* Cleaning, the process of removing unwanted substances, such as dirt, infectious agents, and other impurities, from an object or environment
* Cleanliness, the state of being clean and free from dirt
Arts and media Music A ...
, economic development and fiscal elements of growth and development.
On 11 October 2008 after a meeting of G7 finance ministers, US President
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States ...
George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
.
Summits
The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders' summit and implement their decisions, was created as a response both to the financial crisis of 2007–2008
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of ...
and to a growing recognition that key emerging countries
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or wer ...
were not adequately included in the core of global economic discussion and governance. Additionally, G20 summits of heads of state
A head of state (or chief of state) is the public persona who officially embodies a state Foakes, pp. 110–11 " he head of statebeing an embodiment of the State itself or representatitve of its international persona." in its unity and ...
or government
A government is the system or group of people governing an organized community, generally a state.
In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government i ...
were held.
After the 2008 debut summit in Washington, DC, G20 leaders met twice a year: in London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
and Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...
in 2009, and in Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...
and Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the Capital city, capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the North Korea, Democratic People's Republic of Korea (North Korea ...
in 2010.
Since 2011, when France chaired and hosted the G20, the summits have been held only once a year. The 2016 summit was held in Hangzhou
Hangzhou ( or , ; , , Standard Chinese, Standard Mandarin pronunciation: ), also Chinese postal romanization, romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the prov ...
, China, the 2017 summit was held in Hamburg
Hamburg (, ; nds, label=Hamburg German, Low Saxon, Hamborg ), officially the Free and Hanseatic City of Hamburg (german: Freie und Hansestadt Hamburg; nds, label=Low Saxon, Friee un Hansestadt Hamborg),. is the List of cities in Germany by popul ...
, Germany, the 2018 summit was held in Buenos Aires
Buenos Aires ( or ; ), officially the Autonomous City of Buenos Aires ( es, link=no, Ciudad Autónoma de Buenos Aires), is the capital and primate city of Argentina. The city is located on the western shore of the Río de la Plata, on South ...
, Argentina, the 2019 summit was held in Osaka
is a designated city in the Kansai region of Honshu in Japan. It is the capital of and most populous city in Osaka Prefecture, and the third most populous city in Japan, following Special wards of Tokyo and Yokohama. With a population of ...
, Japan, the 2020 summit was scheduled in Riyadh
Riyadh (, ar, الرياض, 'ar-Riyāḍ, lit.: 'The Gardens' Najdi pronunciation: ), formerly known as Hajr al-Yamamah, is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the ...
, Saudi Arabia but it was held virtually due to Covid-19, the 2021 summit was held in Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus ( legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
, Italy and the 2022 summit was held in Bali
Bali () is a province of Indonesia and the westernmost of the Lesser Sunda Islands. East of Java and west of Lombok, the province includes the island of Bali and a few smaller neighbouring islands, notably Nusa Penida, Nusa Lembongan, and ...
, Indonesia.
A number of other ministerial-level G20 meetings have been held since 2010. Agriculture ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings have taken place annually since 2010.
In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Mérida, Mexico, on May 16 at the 4th G20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's Visa Impact Research, later on the Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth."
In March 2014, the former Australian foreign minister Julie Bishop
Julie Isabel Bishop (born 17 July 1956) is an Australian former politician who served as Minister for Foreign Affairs from 2013 to 2018 and deputy leader of the Liberal Party from 2007 to 2018. She was the Member of Parliament (MP) for Curti ...
, when Australia was hosting the 2014 G20 summit in Brisbane
Brisbane ( ) is the capital and most populous city of the Australian state of Queensland, and the third-most populous city in Australia and Oceania, with a population of approximately 2.6 million. Brisbane lies at the centre of the South ...
, proposed to ban Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
from the summit over its annexation of Ukrainian Crimea.
The BRICS
BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa. The first four were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the te ...
foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character."
In 2016, the G20 framed its commitment to the 2030 Agenda
The Sustainable Development Goals (SDGs) or Global Goals are a collection of 17 interlinked objectives designed to serve as a "shared blueprint for peace and prosperity for people and the planet, now and into the future".United Nations (2017) R ...
(Sustainable Development Goals) in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-income and developing countries
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreem ...
. At the G20 Summit in Hangzhou, members agreed on an action plan and issued a high level principles document to member countries to help facilitate the agenda's implementation.
Japan hosted the 2019 summit, The 2020 summit was to be held in Saudi Arabia, but was instead held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the presidency of Saudi Arabia. 2021 G20 Rome summit
The 2021 G20 Rome summit was the sixteenth meeting of Group of Twenty (G20), which was held in Rome, the capital city of Italy, on 30–31 October 2021.
Participating leaders
File:Alberto Fernandez 2020.jpg, Alberto Fernández, President
Fi ...
which was held in Rome
, established_title = Founded
, established_date = 753 BC
, founder = King Romulus ( legendary)
, image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg
, map_caption ...
, the capital city of Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
, on 30–31 October 2021.
Indonesia holds the G20 presidency from 1 December 2021 to 30 November 2022. During its presidency, Indonesia has focused on the global COVID-19 pandemic and how to collectively overcome the challenges related to it. The three priorities of Indonesia's G20 presidency: global health architecture, digital transformations, sustainable energy transitions.
In year 2023 India will have presidency of G20, in December 23 India will hold G20 summit. On December 6, 2022 India has assumed the Presidency of G20 summit on rotating basis for 1 year period. Till now it has been presided over by Indonesia.
List of summits
Chair rotation
To decide which member nation gets to chair the G20 leaders' meeting for a given year, all members, except the European Union, are assigned to one of five different groupings, with all but one group having four members, the other having three. Nations from the same region are placed in the same group, except Group 1 and Group 2. All countries within a group are eligible to take over the G20 Presidency when it is their group's turn. Therefore,the states within the relevant group need to negotiate among themselves to select the next G20 President. Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which is in Group 5, held the G20 chair. The table below lists the nations' groupings:
To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries.
Organization
The G20 operates without a permanent secretariat or staff. The group's chair rotates annually among the members and is selected from a different regional grouping of countries. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The 2021 summit was held in Italy. The 2022 summit is held in Bali, Indonesia. The current chair is held by India. The 2023 and 2024 summits will be hosted by India and Brazil respectively.
Proposed permanent secretariat
In 2010, President of France
The president of France, officially the president of the French Republic (french: Président de la République française), is the executive head of state of France, and the commander-in-chief of the French Armed Forces. As the presidency i ...
Nicolas Sarkozy
Nicolas Paul Stéphane Sarközy de Nagy-Bocsa (; ; born 28 January 1955) is a French politician who served as President of France from 2007 to 2012.
Born in Paris, he is of Hungarian, Greek Jewish, and French origin. Mayor of Neuilly-sur-Se ...
proposed the establishment of a permanent G20 secretariat, similar to the United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...
. Seoul and Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. Si ...
were suggested as possible locations for its headquarters
Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the to ...
.["Who Would Host a G20 Secretariat?"](_blank)
''Chosun Ilbo''. 15 November 2010. Retrieved 14 March 2013. Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
and China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
supported the establishment of a secretariat, while Italy and Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
expressed opposition to the proposal. South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
proposed a "cyber secretariat" as an alternative. It has been argued that the G20 has been using the OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate ...
as a secretariat.
Members
, there are 20 members in the group: Argentina
Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the List of South American countries by area, second-largest ...
, Australia
Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...
, Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
, Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
, China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
, France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...
, Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...
, India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...
, Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Gui ...
, Italy
Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...
, South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
, Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the n ...
, Mexico
Mexico (Spanish language, Spanish: México), officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the so ...
, Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
, Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the Ara ...
, South Africa, Turkey, the United Kingdom, the United States, and the European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
. Guest invitees include, amongst others, Spain, the United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...
, the World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, the African Union and ASEAN.
Representatives include, at the leaders' summits, the leaders of nineteen countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of nineteen countries and of the European Union.
In addition, each year, the G20's guests include Spain; the Chair of ASEAN; two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development (NEPAD) and a country (sometimes more than one) invited by the presidency, usually from its own region.
The first of the tables below lists the member entities and their leaders, finance ministers and central bank governors. The second table lists relevant statistics such as population and GDP figures for each member, as well as detailing memberships of other international organizations, such as the Group of Seven, G7, BRICS
BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa. The first four were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the te ...
and MIKTA. Total GDP figures are given in millions of US dollars.
Leaders
Current Leaders
File:Mensaje de fin de año del Presidente Alberto Fernández (cropped).jpg,
Alberto Fernández,
President of Argentina, President
File:Anthony Albanese portrait (cropped).jpg,
Anthony Albanese,
Prime Minister of Australia, Prime Minister
File:Jair Bolsonaro 2021 (cropped).jpg,
Jair Bolsonaro,
President of Brazil, President
File:Justin Trudeau March 2022.jpg,
Justin Trudeau,
Prime Minister of Canada, Prime Minister
File:Xi Jinping 2019.jpg,
Xi Jinping,
President of the People's Republic of China, President
File:Зустріч_Президента_України_з_президентами_Франції_та_Румунії,_а_також_головами_урядів_Німеччини_та_Італії_76_(cropped).jpg,
Emmanuel Macron,
President of France, President
File:Olaf Scholz In March 2022.jpg,
Olaf Scholz,
Chancellor of Germany (Federal Republic of Germany), Chancellor
File:Official Photograph of Prime Minister Narendra Modi Potrait.png,
Narendra Modi,
Prime Minister of India, Prime Minister
File:Joko Widodo 2019 official portrait.jpg,
Joko Widodo,
President of Indonesia, President
File:Giorgia Meloni Official 2022 (cropped).jpg,
Giorgia Meloni,
Prime Minister of Italy, Prime Minister
File:Fumio Kishida 20211005.jpg,
Fumio Kishida,
Prime Minister of Japan, Prime Minister
File:Reunión con el presidente electo y equipos de trabajo 6 (cropped).jpg,
Andrés Manuel López Obrador,
President of Mexico, President
File:South Korea President Yoon Suk Yeol portrait.jpg,
Yoon Suk-yeol,
President of South Korea, President
File:Владимир Путин (13-11-2021) (cropped).jpg,
Vladimir Putin,
President of Russia, President
File:Crown Prince Mohammad bin Salman Al Saud - 2017.jpg,
Mohammed bin Salman,
Prime Minister of Saudi Arabia, Prime Minister
File:Cyril Ramaphosa - President of South Africa - 2018 (cropped).jpg,
Cyril Ramaphosa,
President of South Africa, President
File:Recep Tayyip Erdogan in Ukraine.jpg,
Recep Tayyip Erdoğan,
President of Turkey, President
File:Rishi Sunak's first speech as Prime Minister Front (cropped).jpg,
Rishi Sunak,
Prime Minister of the United Kingdom, Prime Minister
File:Joe Biden presidential portrait (cropped).jpg,
Joe Biden,
President of the United States, President
File:Charles Michel 2019 (cropped).jpg,
Charles Michel,
President of the European Council, President of the
European Council
File:Official Portrait of Ursula von der Leyen (cropped).jpg,
Ursula von der Leyen,
President of the European Commission, President of the
European Commission
Member country data
In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G20. These include the managing director and Chairman of the International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
, the World Bank#Leadership, President of the World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.
The G20's membership does not reflect exactly the 20 largest economies of the world in any given year; as the organization states:
Role of Asian countries
A 2011 report released by the Asian Development Bank (ADB) predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report claimed that the rise of emerging market economies heralded a new world order, in which the G20 would become the global economic steering committee. The ADB furthermore noted that Asian countries had led the global recovery following the late-2000s recession. It predicted that the region would have a greater presence on the global stage, shaping the G20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.
Invitees
Typically, several participants that are not full members of the G20 are extended invitations to participate in the summits. Permanent guest invitees are: the government of Spain; the Chair of the Association of Southeast Asian Nations; the Chairperson of the African Union, Chair of the African Union; and a representative of the New Partnership for Africa's Development are invited in their capacities as leaders of their organisations and as heads of government of their home states. In addition, the leaders of the Financial Stability Board, the International Labour Organization, the International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
, the Organisation for Economic Co-operation and Development, the United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...
, the World Bank Group and the World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation
in the United Nations System, governments use the organization to establish, revise, and ...
are invited and participate in pre-summit planning within the policy purview of their respective organisation.["G20 and the world"](_blank)
G20.org. 2015. Retrieved 16 April 2015.
Other invitees are chosen by the host country, usually one or two countries from its own region. For example, South Korea invited Singapore. International organisations which have been invited in the past include the Asia-Pacific Economic Cooperation (APEC), the Basel Committee on Banking Supervision (BCBS), the Commonwealth of Independent States (CIS), the Eurasian Economic Community (EAEC), the European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
(ECB), the Food and Agriculture Organization (FAO), the Global Governance Group (3G) and the Cooperation Council for the Arab States of the Gulf, Gulf Cooperation Council (GCC). Previously, the Netherlands had a similar status to Spain while the Presidency of the Council of the European Union, rotating presidency of the Council of the European Union would also receive an invitation, but only in that capacity and not as their own state's leader (such as the Czech premiers Mirek Topolánek and Jan Fischer (politician), Jan Fischer during the 2009 summits).
Permanent guest invitees
Agenda
Financial focus
The initial G20 agenda, as conceived by US, Canadian and German policy makers, was very much focused on the sustainability of Government debt, sovereign debt and global financial stability, in an inclusive format that would bring in the largest Developing country, developing economies as equal partners. During a summit in November 2008, the leaders of the group pledged to contribute trillions to international finance organizations, including the World Bank and IMF, mainly for re-establishing the global financial system.
Since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth, international trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy)
In most countries, such trade represents a significa ...
and financial market regulation.
Inclusive growth
The G20 countries account for almost 75% of the global carbon emissions. After the adoption of the Sustainable Development Goals, UN Sustainable Development Goals and the Paris Agreement, Paris Climate Agreement in 2015, more "issues of global significance" were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment of women and development aid. Despite promises G20 nations subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021.
Interrelated themes
Wolfgang Schäuble, German Federal Ministry of Finance (Germany), Federal Minister of Finance, has insisted on the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting cleavage, cross-cutting policy measures: "Globalization has lifted hundreds of millions out of poverty, but there is also a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked"
G20 Engagement Groups
The G20 Engagement Groups are independent collectives that are led by organisations of the host country. They represent a diverse group of stakeholders and work collectively to develop non-binding policy recommendations formally submitted to the G20 leaders for consideration.
For the 2022 G20 hosted by Indonesia, there are 2022 G20 Bali summit, 10 Engagement Groups formed to facilitate independent stakeholders in developing proposals and policy recommendations to G20 leaders.
Criticisms
Exclusivity of membership
Although the G20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system", its legitimacy has been challenged. A 2011 report for the Danish Institute for International Studies criticised the G20's exclusivity, particularly highlighting its underrepresentation of African countries and its practice of inviting observers from non-member states as a mere "concession at the margins", which does not grant the organisation representational legitimacy. With respect to the membership issue, US President Barack Obama noted the difficulty of pleasing everyone: "Everybody wants the smallest possible group that includes them. So, if they're the 21st largest nation in the world, they want the G21, and think it's highly unfair if they have been cut out." Others stated in 2011 that the exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become more inclusive.
Norwegian perspective
In line with Norway's emphasis on inclusive international processes, the United Nations, and the UN system, in a 2010 interview with ''Der Spiegel'', the current prime minister of Norway Jonas Gahr Støre called the G20 "one of the greatest setbacks since World War II" as 173 nations who are all members of the UN are not among the G20. This includes Norway, a major developed economy and the seventh-largest contributor to UN international development programs, which is not a member of the EU, and thus is not represented in the G20 even indirectly. Norway, like other such nations, has little or no voice within the group. Støre argued that the G20 undermines the legitimacy of international organizations set up in the aftermath of World War II, such as the IMF, World Bank and United Nations:
Norway, under the government of Erna Solberg, attended the 2017 G20 Hamburg summit, 2017 G20 summit in Hamburg, Germany.
Spanish position on membership
Spain is the world's List of countries by GDP (nominal), thirteenth largest economy by nominal GDP (the List of countries by GDP (PPP), fifteenth largest by purchasing power parity), the fourth in the European Union, the second among Spanish-speaking countries, the third in Iberoamerica. In addition, since the 1990s several Spanish companies have gained multinational status, and Spain is an important foreign investor worldwide. Its numbers clearly exceed the numbers of several current members of the G20 such as Argentina or South Africa. These facts supported the idea that Spain should seek permanent membership of the G20. However, Spain, a permanent guest, does not plan to request official membership.
Polish aspirations
In contrast with the Spanish position, the Poland, Polish government has repeatedly asked to join the G20.
Before the 2009 G20 London summit, the Polish government expressed an interest in joining with Spain and the Netherlands and condemned an "organisational mess" in which a few European leaders speak in the name of all the EU without legitimate authorisation in cases which belong to the European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...
.
During a 2010 meeting with foreign diplomats, Polish president Lech Kaczyński said:
In 2012, Tim Ferguson wrote in ''Forbes'' that swapping Argentina for Poland should be considered, claiming that the Polish economy was headed toward a leadership role in Europe and its membership would be more legitimate. A similar opinion was expressed by Marcin Sobczyk in the ''Wall Street Journal''. Mamta Murthi from the World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
said: "To be in 'a club', what Poland can do is to behave as if it already is in the club it wants to join."
In 2014, consulting company Ernst & Young published its report about optimal members for G20. After analyzing trade, institutional and investment links Poland was included as one of the optimal members.
G20 membership has been part of the look program of Poland's Law and Justice party and President Andrzej Duda. In March 2017, Deputy Prime Minister of Poland Mateusz Morawiecki took part in a meeting of G20 financial ministers in Baden-Baden as the first Polish representative.
Global Governance Group (3G) response
In June 2010, Singapore's representative to the United Nations warned the G20 that its decisions would affect "all countries, big and small", and asserted that prominent non-G20 members should be included in financial reform discussions. Singapore thereafter took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries (including several microstates and many Third World countries) with the aim of collectively channelling their views into the G20 process more effectively. Singapore's chairing of the 3G was cited as a rationale for inviting Singapore to the November 2010 G20 summit in South Korea, as well as the 2011, 2013, 2014, 2015, 2016, and 2017 summits.
''Foreign Policy'' critiques
The American magazine ''Foreign Policy'' has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8. It questions the actions of some of the G20 members, and advances the notion that some nations should not have membership in the first place. Furthermore, with the effects of the Late-2000s financial crisis, Great Recession still ongoing, the magazine has criticized the G20's efforts to implement reforms of the world's financial institutions, branding such efforts as failures.
Wider concerns
The G20's prominent membership gives it a strong input on global policy despite lacking any formal ability to enforce rules. There are disputes over the legitimacy of the G20, and criticisms of its organisation and the efficacy of its declarations.
The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door. In 2001, the economist Frances Stewart (economist), Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20. In such a council, members would be elected by the United Nations General Assembly, General Assembly based on their importance to the world economy, and the contribution they are willing to provide to world economic development.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and Anti-capitalism, anti-capitalists. In 2010, the Toronto G20 summit sparked 2010 G20 Toronto summit protests, mass protests and rioting, leading to the largest mass arrest in Canada's history.
Fossil fuel subsidies
The G20 countries account for almost 75% of the global carbon emissions and promised in 2009 to phase out 'inefficient subsidies'. Despite these promises G20 nations have subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021, with several nations increasing subsidies; Australia (+48.2%), US (+36.7%), Indonesia (+26.6%), France (+23.8%), China (+4.1%), Brazil (+3.0%), Mexico (+2.6%). China alone generates over half of the coal-generated electricity in the world.
Calls for removal of Russia
In March 2022, following Russia's 2022 Russian invasion of Ukraine, invasion of Ukraine, U.S. President Joe Biden called for the removal of Russia from the group. Alternatively, he suggested that Ukraine be allowed to attend the 2022 summit, despite its lack of membership. Canadian Prime Minister Justin Trudeau also said the group should "re-evaluate" Russia's participation. Russia claims it would not be a significant issue, as most G20 members are already fighting Russia economically due to the war. China suggested that expelling Russia would be counterproductive. In November 2022, Indonesia and Russia issued a statement that Vladimir Putin would not attend the G20 summit in person, but may attend virtually. During the 2022 summit, Ukrainian president Volodymyr Zelenskyy appeared in a video statement and repeatedly addressed the assembly as the 'G19' as a means of indicating his viewpoint that Russia should be removed from the group.
See also
*Model G20
* G8
* G7
Notes
References
Bibliography
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Further reading
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External links
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G20 website of the OECD
G20 Information Centre
from the University of Toronto
A Guide To Committees, Groups, And Clubs
from the International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
G20 Special Report
from ''The Guardian''
*
The G20's role in the post-crisis world by FRIDE
The Group of Twenty – A History
2007
Economics for Everyone: G20 – Gearing for Growth
{{DEFAULTSORT:G-20
G20,
Economic country classifications
Intergovernmental organizations
Organizations established in 1999