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Saudi hosts G20 financial leaders

Topics Covered: Important International institutions, agencies and fora, their structure, mandate.

Saudi hosts G20 financial leaders

What to study?

For Prelims: G20- objectives and significance.

For Mains: Significance, membership, issues present and the need for reforms.

Context: G20 meeting was held recently in Riyadh (Saudi Arabia).

  • Saudi Arabia is the first Arab nation to hold the G20 presidency.
  • Theme: “Realizing Opportunities of the 21st Century for All”.

Focus areas:

  1. Action plan to shield the world economy from the impact of Coronavirus Epidemic.
  2. Discuss ways to achieve a fairer global taxation system for the digital era.
  3. Discuss global economic outlook and possible policy responses to support growth and safeguard against downside risks.

What is G20?

An informal group of 19 countries and the European Union along with representatives of the IMF and the World Bank.

Represents about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.

Genesis: Amid 2008 Financial Crisis the world saw the need for a new consensus-building at the highest political level. It was decided that the G20 leaders would begin meeting once annually.

Members:

The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

Sources: pib.