What is the G20
The G20 is recognised as “the premier forum” for international economic cooperation and decision-making. Made up of 20 of the world’s most significant economies, the G20 accounts for 65% of the world’s population, 85% of its gross domestic product and 75% of global trade.
Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union. The host usually invites a number of guest countries in addition to the permanent members, while international institutions such as the IMF, WTO and the UN are also invitees.
The Presidency of the G20 changes every year. Turkey will be the G20 President until 1 December 2015. Last year, the presidency was held by Australia, and in 2016 it will be held by China.
The G20’s focus is mainly on management and reform of the global economy. It began in 1999 as a meeting of Finance Ministers and Central Bank Governors, as a response to the Asian financial crisis . The G20 became a meeting of Heads of State in 2008, after the 2007/08 financial crisis . Although the G20’s main focus is the economy, its decisions have social, economic and political implications across all sectors.
The G20’s official priorities in 2015 are:
- Small and Medium Enterprises
- Climate change