Since the onset of the 2008-2009 financial crisis, the Group of Twenty (G20)—whose membership consists of systemically important advanced and emerging economies—has emerged as the principal forum for inter-governmental economic cooperation.
Members of G20
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, and the European Union.
Together, the G20 economies account for
- 85% of the global economic output
- 80% of world trade, and
- 65% of the global population.
The G20 was formally established on 26 September, 1999, at the Finance Ministers' meeting of G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) in the aftermath of the Asian Financial Crisis. Bringing together G20 finance ministers and central bank governors, its inaugural meeting took place on December 15-16, 1999, in Berlin.
The G20 convened for the first time at the leaders’ level in Washington, D.C. on November 14-15, 2008, to respond collectively to the 2008-09 crisis in order to restore global growth, strengthen the global financial system, and reform international financial institutions.
The G20 played a key role in supporting the first stages of economic recovery and continues to promote measures to reform international financial institutions, improve financial regulation, and strengthen the global economy through an increasingly comprehensive agenda.
What are the G20 outreach groups?
The G20 has sought to incorporate policy contributions from an ever-broader cross-section of society. Consultation with non-state actors has evolved and is now organized under five groups:
Young people - Y20
Business – B20
Labor – L20
Think tanks and academia – T20
Civil society – C20
Each year, the G20 chair appoints a lead coordinator for each of the five groups. The appointed coordinator then pulls together contributions from that segment of society in both G20 and non-G20 countries, with the objective of identifying policy priorities for the G20. Although the aims and objectives of outreach groups may differ, together they contribute to the greater legitimacy and transparency of the G20 process.
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The 2017 German G20 will be the twelfth G20 meeting. It is planned to be held on 7–8 July 2017 in the city of Hamburg.