THE G20 started in 1999 following several financial crashes in the preceding decades.
Here’s all you need to know about the G20 and it’s members.
What is the G20?
Following several financial crashes which saw trillions of pounds disappear from the world’s economy, the finance ministers of the wealthiest nations came together to create the G20 (‘Group of 20.’)
The aim of the group of global leaders is to bring about stability in the the global economy.
The first G20 meeting took place on September 26, 1999, in Cologne, Germany.
The current membership of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States, and the European Union.
The members of the G20 account for 80% of world GDP, 75% of global trade and 60% of the population of the planet.
The Group holds a summit where the Heads of State of each respective government meets to discuss the world economy.
The Group meets every two years at a rotating location depending on who is appointed the President of the Group at the time.
Membership of the G20 is by invitation and based on strict criteria laid out by the International Monetary Fund (IMF).
Which countries are in the G20?
Argentina was invited to join the G20 on November 30, 2017.
Argentina hosted the G20 in Buenos Aires on November 30-1 December, 2018.
As the G20 summit was starting in Buenos Aires, a 3.8 magnitude earthquake struck just 20 miles away.
Australia hosted the G20 on November 15-16, 2014, in Brisbane.
One of the topics that came up during this summit included Ebola which was raging in Africa at this time.
Food security was discussed as well as energy and anti-corruption.
Brazil was a member from the start of the G20, and participated at the first G20 in 1999.
Brazil was initially a reluctant participant.
Canada was one of the first invitees to join the Group in 1999.
The G20 met in Toronto, Canada, on June 26-27, 2010.
At the Toronto summit the Group welcomed the fulfilment of their commitment to provide $350billion increase in capital to the multilateral development banks.
An original member from 1999, the G20 was hosted by China on September 4, 2016.
At this summit the Group continued to discuss global economic issues.
China is considered to be the second biggest economy in the world, second to the USA.
France was a founder member of the G20, joining in 1999.
The nation hosted the G20 in Cannes on November 3-4, 2011.
The key outcomes of the Cannes summit were for economic growth to continue and for an action plan each country to increase jobs after the unemployment resulting from the crash three years earlier.
When Spain was not invited to join the G20 following the collapse of it’s economy in the 2007 crash, President Nicolas Sarkozy gave up one of his two seats permitting Spain to attend as an invited guest.
Germany was a founder member, and hosted the inaugural meeting of the G20 in Cologne on December 15-16, 1999.
Germany’s economy is considered to be one of the biggest in Europe.
Germany’s Finance Minister at the time, Hans Eichel, was one of the individuals who initiated the idea of the G20 following a series of prior financial crashes.
Japan was one of the original 19 countries who attending the founding first G20 meeting in 1999.
Japan assumed the presidency of the G20 on December 1, 2018.
Japan hosted the last in-person G20 summit on June 28 to 29, 2019.
India was one of the original countries to be invited to join the G20.
India will be holding the G20 Presidency from December 1, 2022, and will convene the G20 Leaders’ Summit in 2023 for the first time.
India is widely regarded as one of the fastest growing economies in the world.
A member from the start, Indonesia is considered a fast growing economy based on it’s population size and economic growth.
Indonesia is recognised as one of the largest countries in South Asia.
Indonesia will assume presidency of the G20 on December 1, 2021.
The next G20 summit will be held in Bali in 2022.
Italy is due to host the next G20 summit on October 30 to 21, 2021.
Prime Minister Mario Draghi is the assumed President of the G20.
The forthcoming G20 summit will be held in Rome.
Mexico is one of the G20 Developing Nations since the group was established in 2003.
Mexico welcomed Heads of State of the G20, during the G20 Summit held in Los Cabos, Baja, California, in June 2012
Although considered a developing nation, Mexico is a significant economy in the South America region.
Russia was one of the founder members to join the G20 when it started in 1999.
The Group of world leaders met in St Petersburg, Russia, on September 5-6, 2013 when Russia was the host nation of the G20 summit.
Russia hosted the 5th anniversary summit of the founding of the G20.
During this G20 summit issues relating to security in Syria was also discussed.
South Africa is the only African member of the G20.
The G20 Africa Advisory Group is chaired by Germany and South Africa.
South Africa has not as yet hosted the G20.
Based on the size of it’s economy, Saudi Arabia is a founding member of the G20.
Saudi Arabia due to host the G20 in Riyadh on November 21-22, 2020, but due to the coronavirus pandemic the meeting was moved online.
Saudi Arabia is a significant global economy given it’s considerable oil resources.
Known as “The Seoul Summit,” the G20 was hosted by South Korea on November 11-12, 2010.
South Korea was the first non-G8 (another group of political world leaders) to join the G20.
South Korea is considered to be one of the world’s leading economies.
Turkey hosted the G20 summit on November 15-16, 2015.
At this summit, the Group discussed terrorism and the refugee crisis as these issues were deemed serious risks to global peace and security as well as strong, sustainable, balanced and inclusive global growth.
Turkey has been a member of the G20 since it’s inception in 1999.
The G20 leaders met on April 2, 2009. in London.
The main discussions at the London summit were focussed on averting the threat of a global depression following the massive financial crash two years earlier.
The UK has been a member of the G20 since the first G20 summit held in 1999.
The United States
The concerns at the time were financial regulation following the global financial crash of 2007.
The European Union
The European Union is a full member of the G20 alongside three of it’s member states: France, Germany and Italy.
The EU is represented at the G20 summits by the President of the European Commission and the President of the European Council.