Definition
G20 is the group of fastest growing economies which includes 19 countries, the European Union and the African Union (added the latest).
Formation of G20
It was formed after the 1999 Asian Financial Crisis. Finance ministers and central bank governors started meeting annually to discuss global economic problems. After 2007 and 2008 crises, they realised that the leaders need to meet too, for discussing the socio-economic and cultural issues.
Significance
- Global economy: Financial stability, digital economy, climate finance, climate change mitigation, Sustainable Development.
- The countries rep. 85% of total global GDP, 75% international trade and 2/3 of population.
India’s G20 Presidency
Tracks
G20 has two parallel tracks:
Finance Track
This is where the Central bank governors and finance ministers meet to discuss the economic situations
Sherpa Track
This is where country leaders participate and discuss. Why Sherpa? Sherpas are known for supporting foreign climbers and trekkers. Because they guide on uncharted territories.
Backlinks
Globalisation and the Indian Economy