The Global 20 (G 20)
G20 | | | Sumit JainBBA Semester-IIIPRN 11021021057Basics of International Economics | | | |
Introduction:
The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008.
G20 studies, reviews, and promotes high-level discussion of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
With the G-20 growing in stature after the 2008 Washington summit, its leaders announced on September 25, 2009, that the group would replace the G8 as the main economic council of wealthy nations.
Collectively, the G-20 economies account for more than 80 percent of the gross world product (GWP), 80 percent of world trade (including EU intra-trade), and two-thirds of the world population. They furthermore account for 84.1 percent and 82.2 percent of the world 's economic growth by nominal GDP and GDP (PPP) respectively from the years 2010 to 2016, according to the International Monetary Fund (IMF).
The objective of the G20 is: 1. Policy coordination between its members in order to achieve global economic stability, sustainable growth;
2. To promote financial regulations that reduce risks and prevent future financial crises; and
3. To create a new international financial architecture.
Some Statistics:
G20 members represent almost:
1. 90% of global GDP.
2. 80% of international global-trade.
3. 64% of the world’s population lives in G20 member countries.
4. 84% of all fossil fuel emissions are produced by G20 countries.
HISTORY & ORIGIN
The G-20, which
Introduction:
The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008.
G20 studies, reviews, and promotes high-level discussion of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
With the G-20 growing in stature after the 2008 Washington summit, its leaders announced on September 25, 2009, that the group would replace the G8 as the main economic council of wealthy nations.
Collectively, the G-20 economies account for more than 80 percent of the gross world product (GWP), 80 percent of world trade (including EU intra-trade), and two-thirds of the world population. They furthermore account for 84.1 percent and 82.2 percent of the world 's economic growth by nominal GDP and GDP (PPP) respectively from the years 2010 to 2016, according to the International Monetary Fund (IMF).
The objective of the G20 is: 1. Policy coordination between its members in order to achieve global economic stability, sustainable growth;
2. To promote financial regulations that reduce risks and prevent future financial crises; and
3. To create a new international financial architecture.
Some Statistics:
G20 members represent almost:
1. 90% of global GDP.
2. 80% of international global-trade.
3. 64% of the world’s population lives in G20 member countries.
4. 84% of all fossil fuel emissions are produced by G20 countries.
HISTORY & ORIGIN
The G-20, which
Bibliography: * http://www.g20.org/index.php/en/factsheets-by-topic * http://www.g20.org/index.php/en/numeralia * http://www.g20.org/index.php/en/the-origins-and-evolution-of-the-g20 * http://www.g20.org/index.php/en/what-is-the-g20 * http://www.g20.org/index.php/en/preparatory-process * http://en.wikipedia.org/wiki/G20