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Full Form of G20: The G20 stands for Group of Twenty, is the premier forum for international economic cooperation. The major emphasis is laid on shaping and strengthening global architecture and governance on all major international economic issues.
After the Asian financial crisis in 1999, the G20 was founded for the Finance Ministers and the Governors of the Central Banks to discuss and solve global economic and financial issues. Currently, the members of the G20 forum account for more than 80% of the world’s GDP, 75% of global trade and 60% of the global population.
Inception of G20
After the financial crisis in 1999, G20 was formed for the Finance Ministers and Central Bank Governors to look into the issues and discuss the problems related to the global economy and finance.
Also Read: What is the G20 Summit All About
Elevation of G20 to Leader’s Level
The global economic and financial crisis of 2007 and 2009 led to the elevation of the G20 to the level of Heads of State/ Government. It was around the same time that it was designated the title “premier forum for international economic cooperation”.
Initially, the G20 mainly focused on broad macroeconomic issues but it has expanded its scope which now looks after trade, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption.
FAQs
The major of the G20 is to shape and strengthen the global architecture and governance on all major international economic issues.
Yes, India is a member of the G20.
The G20 summit is all set to take place in the capital city of India, New Delhi.
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