G-20 major economies
"G20" redirects here. For other uses, see G20 (disambiguation)
The Group of Twenty (also known as the G-20or G20) is an international forum for the governments and central bank governors from 20 major economies. The members include 19 individual countries—Argentina,Australia, Brazil, Canada, China, France,Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and theUnited States—along with the European Union(EU). The EU is represented by the European Commission and by the European Central Bank. The G-20 was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. [3] It seeks to address issues that go beyond the responsibilities of any one organization. [3] Collectively, the G-20 economies account for around 85% of thegross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population.[2] The G-20 heads of government or heads of statehave periodically conferred at summits since their initial meeting in 2008, and the group also hosts separate meetings of finance ministers and central bank governors.
With the G-20 growing in stature [4] after its inaugural leaders' summit in 2008, its leaders announced on 25 September 2009 that the group would replace the G8 as the main economic council of wealthy nations.[5] Since its inception, the G-20's membership policies have been criticized by numerous intellectuals,[6][7] and its summits have been a focus for major protests by anti-globalists, nationalists and others.[8]
The heads of the G-20 nations met semi-annually at G-20 summits between 2008 and 2011. Since the November 2011 Cannes summit, all G-20 summits have been held annually.[2]
The G-20 operates without a permanent secretariat or staff. The group's chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs, referred to as the "Troika". The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years. The current chair of the G-20 is Turkey; the chair was handed over from Australia after the 2014 G-20 summit. Turkey hosted the 2015 summit in Antalya, while China will host the 2016 summit in Hangzhou.
Proposed permanent secretariat
In 2010, President of France Nicolas Sarkozyproposed the establishment of a permanent G-20 secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations for its headquarters.[45]Brazil and China supported the establishment of a secretariat, while Italy and Japanexpressed opposition to the proposal.[45]South Korea proposed a "cyber secretariat" as an alternative.[45] It has been argued that the G-20 has been using the OECD as a secretariat.[46]
List of members
Currently, there are 20 members of the group. These include, at the leaders summits, the leaders of 19 countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of 19 countries and of the European Union. In addition each year, the G20’s guests include Spain; the Chair ofASEAN; two African countries (the chair of the African Union and a representative of theNew Partnership for Africa’s Development) and a country (sometimes more than one) invited by the presidency, usually from its own region.[2][47][48] The first of the tables below lists the member entities and theirheads of government, finance ministers andcentral bank governors. The second table lists relevant statistics such as population and GDP figures for each member, as well as detailing memberships of other international organisations, such as the G7 and BRICS. Total GDP figures are given in millions of US dollars.
Leaders
Member country data
In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G-20.[2] These include the managing director and Chairman of the International Monetary Fund, thePresident of the World Bank, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.
The G-20's membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]
All 19 member nations are among the top 33 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2014.[52] Not represented by membership in the G-20 areSwitzerland (ranked 20th by the IMF), Nigeria(21), Taiwan (26), Norway (27), the United Arab Emirates (29), Iran (30), Colombia (31), and Thailand (32), even though they rank higher than some members. The Netherlands(17), Sweden (22), Poland (23), Belgium (25), and Austria (28) are included only as part of the EU, and not independently. Spain (14) is a permanent guest member.
When the countries' GDP is measured atpurchasing power parity (PPP) rates,[53] all 19 members are among the top 29 in the world for the year of 2014, according to the IMF.Iran (18), Taiwan (20), Nigeria (21), Thailand(22), Egypt (25), Pakistan (26), and Malaysia(28) are not G-20 members, while Spain (16),Poland (23) and the Netherlands (27) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at bothnominal and PPP rates, only Spain, theNetherlands, Nigeria, Poland, Taiwan, Iran andThailand appear above any G-20 member in both lists simultaneously.
Spain, being the 14th largest economy in the world and 5th in the European Union in terms of nominal GDP, is a "permanent guest" of the organization, although the Spanish government's policy is to not request official membership.[54][55] As such, a Spanish delegation has been invited to, and has attended, every G-20 heads of state summit since the G-20's inception.
Role of Asian countries
A 2011 report released by the Asian Development Bank (ADB) predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report claimed that the rise of emerging market economies heralded a new world order, in which the G-20 would become the global economic steering committee.[56] The ADB furthermore noted that Asian countries had led the global recovery following the late-2000s recession. It predicted that the region would have a greater presence on the global stage, shaping the G-20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.[56]
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