The G20 summit is going to be held in New Delhi next week. The importance of this event can be gauged from the fact that its preparations had been going on for months and now the whole of Delhi has been cantoned. To hold this conference, the entire look of Pragati Maidan has been changed and thousands of crores of rupees have been spent in its preparations. Let’s know what is G20, what is its significance and how important it is from the point of view of economy…
Currently PM Modi is the Chairman.
First, tell us about the G20 in detail. G20 stands for Group of Twenty. As the name suggests, this is a group of 20 corpses. It includes 19 countries and the European Union. It was created in 1999 by the G7 member countries i.e. the Group of Seven. Currently the G20 is chaired by India and Prime Minister Narendra Modi is its chairman. This is the reason why the G20 summit is being held in India this time. This is the 18th G20 summit and is being held in India for the first time.
A representative of the world’s economic power
The most important relevance of the G20 is from an economic perspective. The main purpose of creating it is to mutually solve all the important problems related to the international economy. Simply put, the largest global organization of international economic cooperation is the G20. 20 major economic powers of the world are its members.
Make a guess from these figures.
The economic status of the G20 can be gauged from the fact that if all 20 of its members were removed, the earth would be impoverished. In fact, G20 members contribute about 85% of the global economy, ie GDP. Along with this, the share of G20 countries in the total world trade is more than 75%. Almost two-thirds of the world’s population also lives in these 20 economic sectors.
It started with the economic crisis.
Due to economic crises, the world also felt the need to form G20. Indeed, the 1990s were economically challenging for the entire world. The crisis that started with Mexico’s peso crisis spread and many emerging economies were engulfed in this crisis one after the other. Asia experienced a financial crisis in 1997 and Russia experienced a financial crisis the following year in 1998. It was with these crises in mind that the G20 was launched.
The event is organized as follows.
G20 member countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union. are Included. Apart from them there are some invited members. At the summit, top leaders of all member and invited countries meet and jointly seek solutions to current global economic problems. A conference of finance ministers and central bank governors of all member states has also been organized before the summit.
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