Member countries in the G-20
Members of the European Union not individually represented
|Formation||26 September 1999|
2008 (heads-of-state/heads-of-government summits)
|Purpose||Bring together systemically important industrialized and developing economies to discuss key issues in the global economy.|
|Giuseppe Conte (2021)|
The G20 (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability,the G20 has expanded its agenda since 2008 and heads of government or heads of state, as well as finance ministers, foreign ministers and think tanks, have periodically conferred at summits ever since. It seeks to address issues that go beyond the responsibilities of any one .
Membership of the G20 consists of 19 individual countries plus the European Union. The EU is represented by the European Commission and by the European Central Bank. Collectively, the G20 economies account for around 90 percentof the gross world product (GWP), 80 percent of world trade (or, if excluding EU intra-trade, 75 percent), two-thirds of the world population, and approximately half of the world land area.
With the G20 growing in statureafter 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. Since its inception, the G20's membership policies have been criticized by some intellectuals, and its summits have been a focus for major protests.
The heads of the G20 nations held summits twice in 2009 and twice in 2010. Since the November 2011 Cannes summit, G20 summits have been held annually.
The G20 is the latest in a series of post–World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is now the World Trade Organization.
The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. Canadian finance minister Paul Martin was chosen as the first chairman and German finance minister Hans Eichel hosted the inaugural meeting.
A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the group was founded primarily at the initiative of Eichel, the concurrent chair of the G7.However, Bradford later described then-Finance Minister of Canada (and future Prime Minister of Canada) Paul Martin as "the crucial architect of the formation of the G-20 at finance minister level", and as the one who later "proposed that the G-20 countries move to leaders level summits". Canadian academic and journalistic sources have also identified the G20 a project initiated by Martin and then-US Treasury Secretary Larry Summers. All acknowledge, however, that Germany and the United States played a key role in bringing their vision into reality.
Martin and Summers conceived of the G20 in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis, and eventually impacting the United States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital Management in the autumn of 1998.It illustrated to them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.
The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner. According to the political economist Robert Wade:
"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in, Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the first meeting went out."
The G20's primary focus has been governance of the global economy. Summit themes have varied from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, reform of the World Bank and IMF, and the impact of demographic changes due to an aging world population.
In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance as chairperson of the G20.
In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development.
On 11 October 2008 after a meeting of G7 finance ministers, US President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.
The Summit of G20 Finance Ministers and Central Bank Governors, who prepare the leaders' summit and implement their decisions, was created as a response both to the financial crisis of 2007–2008 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. Additionally, the G20 summits of heads of state or government were held.
After the 2008 debut summit in Washington, DC, G20 leaders met twice a year: in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.
Since 2011, when France chaired and hosted the G20, the summits have been held only once a year.The 2016 summit was held in Hangzhou, China, the 2017 summit was held in Hamburg, Germany and the 2018 summit was held in Buenos Aires, Argentina.
A number of other ministerial-level G20 meetings have been held since 2010. Agriculture ministerial meetings were conducted in 2011 and 2012; meetings of foreign ministers were held in 2012 and 2013; trade ministers met in 2012 and 2014, and employment ministerial meetings have taken place annually since 2010.
In 2012, the G20 Ministers of Tourism and Heads of Delegation of G20 member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Mérida, Mexico, on May 16 at the 4th T20 meeting and focused on 'Tourism as a means to Job Creation'. As a result of this meeting and The World Travel & Tourism Council's Visa Impact Research, later on the Leaders of the G20, convened in Los Cabos on 18–19 June, would recognise the impact of Travel & Tourism for the first time. That year, the G20 Leaders Declaration added the following statement: "We recognise the role of travel and tourism as a vehicle for job creation, economic growth and development, and, while recognizing the sovereign right of States to control the entry of foreign nationals, we will work towards developing travel facilitation initiatives in support of job creation, quality work, poverty reduction and global growth."
In March 2014, the former Australian foreign minister Julie Bishop, when Australia was hosting the 2014 G20 summit in Brisbane, proposed to ban Russia from the summit over its role in the 2014 Crimean crisis.The BRICS foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character."
In 2016, the G20 framed its commitment to the 2030 Agenda (Sustainable Development Goals) in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-income and developing countries. At the G20 Summit in Hangzhou, members agreed on an action plan and issued a high level principles document to member countries to help facilitate the agenda's implementation.
Japan hosted the 2019 summit,2020 summit will be in Saudi Arabia. while the most recent Leaders’ Summit was held virtually on 21–22 November 2020 due to the COVID-19 pandemic under the presidency of Saudi Arabia.
To decide which member nation gets to chair the G20 leaders' meeting for a given year, all members, except the European Union, are assigned to one of five different groupings, with all but one group having four members, the other having three. Nations from the same region are placed in the same group, except Group 1 and Group 2. All countries within a group are eligible to take over the G20 Presidency when it is their group's turn. Therefore, the states within the relevant group need to negotiate among themselves to select the next G20 President. Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which is in Group 5, held the G20 chair. The table below lists the nations' groupings:
|Group 1||Group 2||Group 3||Group 4||Group 5|
To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries.
The G20 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 incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The 2019 chair was Japan, which hosted the 2019 summit in Osaka.The current chair is held by Saudi Arabia. The 2021 summit is planned to be held in Italy. The 2022, 2023 and 2024 summits will be hosted by Indonesia, India and Brazil respectively.
In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G20 secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations for its headquarters.Brazil and China supported the establishment of a secretariat, while Italy and Japan expressed opposition to the proposal. South Korea proposed a "cyber secretariat" as an alternative. It has been argued that the G20 has been using the OECD as a secretariat.
As of 2020 [update] there are 20 members of the group: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.
Representatives 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 of ASEAN; two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development (NEPAD) and a country (sometimes more than one) invited by the presidency, usually from its own region.
The first of the tables below lists the member entities and their heads of government, finance ministers and central 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 organizations, such as the G7, BRICS and MIKTA. Total GDP figures are given in millions of US dollars.
|Member||Leader position||State leader||Finance portfolio||Portfolio minister||Central bank||Central bank governor|
|Argentina||President||Alberto Fernández||Minister of Economy||Martín Guzmán||Central Bank of Argentina||Miguel Ángel Pesce|
|Australia||Prime Minister||Scott Morrison||Treasurer||Josh Frydenberg||Reserve Bank of Australia||Philip Lowe|
|Brazil||President||Jair Bolsonaro||Minister of Economy||Paulo Guedes||Central Bank of Brazil||Roberto Campos Neto|
|Canada||Prime Minister||Justin Trudeau||Minister of Finance||Chrystia Freeland||Bank of Canada||Tiff Macklem|
|China||President||Xi Jinping||Minister of Finance||Liu Kun||People's Bank of China||Yi Gang|
|European Union||President of the European Council||Charles Michel||Commissioner for Economy||Paolo Gentiloni||European Central Bank||Christine Lagarde|
|President of the European Commission||Ursula von der Leyen|
|France||President||Emmanuel Macron||Minister of the Economy||Bruno Le Maire||Bank of France||François Villeroy de Galhau|
|Germany||Chancellor||Angela Merkel||Minister of Finance||Olaf Scholz||Deutsche Bundesbank||Jens Weidmann|
|India||Prime Minister||Narendra Modi||Minister of Finance||Nirmala Sitharaman||Reserve Bank of India||Shaktikanta Das|
|Indonesia||President||Joko Widodo||Minister of Finance||Sri Mulyani||Bank Indonesia||Perry Warjiyo|
|Italy||Prime Minister||Giuseppe Conte||Minister of Economy and Finance||Roberto Gualtieri||Bank of Italy||Ignazio Visco|
|Japan||Prime Minister||Yoshihide Suga||Minister of Finance||Tarō Asō||Bank of Japan||Haruhiko Kuroda|
|Mexico||President||Andrés Manuel López Obrador||Secretary of Finance||Arturo Herrera Gutiérrez||Bank of Mexico||Alejandro Díaz de León|
|Russia||President||Vladimir Putin||Minister of Finance||Anton Siluanov||Bank of Russia||Elvira Nabiullina|
|Saudi Arabia||King||Salman bin Abdulaziz Al Saud||Minister of Finance||Mohammed Al-Jadaan||Saudi Arabian Monetary Authority||Ahmed Abdulkarim Al-Khulaifi|
|South Africa||President||Cyril Ramaphosa||Minister of Finance||Tito Mboweni||South African Reserve Bank||Lesetja Kganyago|
|South Korea||President||Moon Jae-in||Minister of Economy and Finance||Hong Nam-ki||Bank of Korea||Lee Ju-yeol|
|Turkey||President||Recep Tayyip Erdoğan||Minister of Treasury and Finance||Lütfi Elvan||Central Bank of Turkey||Naci Ağbal|
|United Kingdom||Prime Minister||Boris Johnson||Chancellor of the Exchequer||Rishi Sunak||Bank of England||Andrew Bailey|
|United States||President||Donald Trump||Secretary of the Treasury||Steven Mnuchin||Federal Reserve||Jerome Powell|
bil. USD (2018)[ citation needed ]
| Nom. GDP |
mil. USD (2019)
| PPP GDP |
mil. USD (2019)
| Nom. GDP per capita |
| PPP GDP per capita |
| HDI |
|P5||G4||G7||BRICS||MIKTA||DAC||OECD||C'wth||N11||OPEC||CIVETS||IMF economy classification|
In addition to these 20 members, the chief executive officers of several other international forums and institutions participate in meetings of the G20.These include the managing director and Chairman of the International Monetary Fund, the President of the World Bank, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.
The G20's membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:
In a forum such as the G20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part.
All 19 member nations are among the top 31 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2020.Not represented by membership in the G20 are UN member states, Switzerland (ranked 18th by the IMF), Iran (22), Thailand (25) and Nigeria (27) even though they rank higher than some members. Taiwan (21), which is not a UN-member state is also not represented. The Netherlands (17), Sweden (24), Poland (23), Belgium (26), Austria (28) and Ireland (29) are included only as part of the EU, and not independently. Spain (13) is a permanent guest invitee.
When the countries' GDP is measured at purchasing power parity (PPP) rates,all 19 members are among the top 30 in the world for the year of 2017, according to the IMF. Iran (18), Thailand (20), Egypt (21), Taiwan (22), Nigeria (24), Pakistan (25), Malaysia (26) and Philippines (29) are not G20 members, while Poland (23) and the Netherlands (28) are only included by virtue of being EU members, and Spain (15), is a permanent guest invitee. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, the Netherlands, Nigeria, Poland, Taiwan, Iran and Thailand appear above any G20 member in both lists simultaneously.
Spain, being the 13th largest economy in the world and 5th in the European Union in terms of nominal GDP, has been a "permanent guest" of the organization,and as of 2010 the Spanish government's strategy is to not request official membership. A Spanish delegation has been invited to, and has attended, every G20 heads-of-state summit since the G20's inception.
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 G20 would become the global economic steering committee.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 G20's agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.
Typically, several participants that are not permanent members of the G20 are extended invitations to participate in the summits. Each year, the Chair of the Association of Southeast Asian Nations; the Chair of the African Union; and a representative of the New Partnership for Africa's Development are invited in their capacities as leaders of their organisations and as heads of government of their home states.Additionally, the leaders of the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the United Nations, the World Bank Group and the World Trade Organization are invited and participate in pre-summit planning within the policy purview of their respective organisation. Spain is a permanent non-member invitee.
Other invitees are chosen by the host country, usually one or two countries from its own region.For example, South Korea invited Singapore. International organisations which have been invited in the past include the Asia-Pacific Economic Cooperation (APEC), the Basel Committee on Banking Supervision (BCBS), the Commonwealth of Independent States (CIS), the Eurasian Economic Community (EAEC), the European Central Bank (ECB), the Food and Agriculture Organization (FAO), the Global Governance Group (3G) and the Gulf Cooperation Council (GCC). Previously, the Netherlands had a similar status to Spain while the rotating presidency of the Council of the European Union would also receive an invitation, but only in that capacity and not as their own state's leader (such as the Czech premiers Mirek Topolánek and Jan Fischer during the 2009 summits).
As of 2020, leaders from the following nations have been invited to the G20 summits: Azerbaijan, Benin, Brunei, Cambodia, Chad, Chile, Colombia, Denmark, Egypt, Equatorial Guinea, Ethiopia, Guinea, Kazakhstan, Laos, Malawi, Malaysia, Mauritania, Myanmar, the Netherlands, New Zealand, Nigeria, Norway, the Philippines, Poland, Rwanda, Senegal, Singapore, Spain, Sweden, Switzerland, Thailand, the United Arab Emirates, Vietnam, and Zimbabwe.
|African Union (AU)||Félix Tshisekedi||DR Congo|| President |
|Association of Southeast Asian Nations (ASEAN)||Hassanal Bolkiah||Brunei|| Brunei |
|Lim Jock Hoi||N/A||Secretary-General|
|Financial Stability Board (FSB)||Randal K. Quarles||N/A||Chairperson|
|International Labour Organization (ILO)||Guy Ryder||N/A||Director General|
|International Monetary Fund (IMF)||Kristalina Georgieva||N/A||Managing Director|
|Spain||Pedro Sánchez||Spain||Prime Minister|
|New Partnership for Africa's Development (AUDA-NEPAD)||Paul Kagame||Rwanda|| President |
|Organisation for Economic Co-operation and Development (OECD)||José Ángel Gurría||N/A||Secretary-General|
|United Nations (UN)||António Guterres||N/A||Secretary-General|
|World Bank Group (WBG)||David Malpass||N/A||Acting President|
|World Trade Organization (WTO)||Roberto Azevêdo||N/A||Director General|
The initial G20 agenda, as conceived by US, Canadian and German policy makers, was very much focused on the sustainability of sovereign debt and global financial stability, in an inclusive format that would bring in the largest developing economies as equal partners. During a summit in November 2008, the leaders of the group pledged to contribute trillions to international finance organizations, including the World Bank and IMF, mainly for reestablishing the global financial system.
Since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth, international trade and financial market regulation.
After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance"were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment of women and development aid.
Wolfgang Schäuble, German Federal Minister of Finance, has insisted on the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures: "Globalization has lifted hundreds of millions out of poverty, but there is also a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked"
Although the G20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system",its legitimacy has been challenged. A 2011 report for the Danish Institute for International Studies criticised the G20's exclusivity, particularly highlighting its underrepresentation of African countries and its practice of inviting observers from non-member states as a mere "concession at the margins", which does not grant the organisation representational legitimacy. With respect to the membership issue, former US President Barack Obama noted the difficulty of pleasing everyone: "Everybody wants the smallest possible group that includes them. So, if they're the 21st largest nation in the world, they want the G21, and think it's highly unfair if they have been cut out." Others stated in 2011 that the exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become more inclusive.
In line with Norway's emphasis on inclusive international processes, the United Nations and the UN-system, in a 2010 interview with Der Spiegel , former Norwegian foreign minister Jonas Gahr Støre called the G20 "one of the greatest setbacks since World War II"as 173 nations who are all members of the UN are not among the G20. This includes Norway, a major developed economy and the seventh-largest contributor to UN international development programs, which is not a member of the EU, and thus is not represented in the G20 even indirectly. Norway, like other such nations, has little or no voice within the group. Støre argued that the G20 undermines the legitimacy of international organizations set up in the aftermath of World War II, such as the IMF, World Bank and United Nations:
The G20 is a self-appointed group. Its composition is determined by the major countries and powers. It may be more representative than the G7 or the G8, in which only the richest countries are represented, but it is still arbitrary. We no longer live in the 19th century, a time when the major powers met and redrew the map of the world. No one needs a new Congress of Vienna.
Norway, under the government of Erna Solberg, attended the 2017 G20 summit in Hamburg, Germany, [ when? ] in working groups and sub-working groups, for instance on research.[ citation needed ] The Norwegian Minister of the Elderly will participate[ when? ] under the 2019 Japanese presidency of the G20.[ citation needed ]and participates
The Spanish government's policy is to not request official membership. Despite being hit hard by the economic crisis after 2008, Spain is still the world's thirteenth largest economy by nominal GDP (the 5th in the European Union) and fifteenth largest by purchasing power parity, clearly exceeding the numbers of several current members of the G20 such as Argentina or South Africa. In addition, since the 1990s several Spanish companies have gained multinational status, often expanding their activities in culturally close Latin America, where Spain is the second biggest foreign investor after the United States and keeps an important influence. These facts have reinforced the idea that Spain should seek permanent membership of the G20.
In contrast with the Spanish position, the Polish government has repeatedly asked to join the G20.
Before the 2009 G20 London summit, the Polish government expressed an interest in joining with Spain and the Netherlands and condemned an "organisational mess" in which a few European leaders speak in the name of all the EU without legitimate authorisation in cases which belong to the European Commission.[ citation needed ]
During a 2010 meeting with foreign diplomats, former Polish president Lech Kaczyński said:
Polish economy is according to our data an 18th world economy. The place of my country is among the members of the G20. This is a very simple postulate: firstly – it results from the size of Polish economy, secondly – it results from the fact that Poland is the biggest country in its region and the biggest country that has experienced a certain story. That story is a political and economic transformation.
In 2012, Tim Ferguson wrote in Forbes that swapping Argentina for Poland should be considered, claiming that the Polish economy was headed toward a leadership role in Europe and its membership would be more legitimate. [ citation needed ]A similar opinion was expressed by Marcin Sobczyk in the Wall Street Journal , and by Mamta Murthi from the World Bank.
In 2014 consulting company Ernst & Young published its report about optimal members for G20. After analyzing trade, institutional and investment links Poland was included as one of the optimal members.
G20 membership has been part of Poland's Law and Justice party and President Andrzej Duda political program.In March 2017, Deputy Prime Minister of Poland Mateusz Morawiecki took part in a meeting of G20 financial ministers in Baden-Baden as the first Polish representative.
In June 2010, Singapore's representative to the United Nations warned the G20 that its decisions would affect "all countries, big and small", and asserted that prominent non-G20 members should be included in financial reform discussions. [ citation needed ]Singapore thereafter took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries (including several microstates and many Third World countries) with the aim of collectively channelling their views into the G20 process more effectively. Singapore's chairing of the 3G was cited as a rationale for inviting Singapore to the November 2010 G20 summit in South Korea, as well as the 2011, 2013, 2014, 2015, 2016, and 2017 summits.
The American magazine Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8. It questions the actions of some of the G20 members, and advances the notion that some nations should not have membership in the first place. Furthermore, with the effects of the Great Recession still ongoing, the magazine has criticized the G20's efforts to implement reforms of the world's financial institutions, branding such efforts as failed.
The G20's prominent membership gives it a strong input on global policy despite lacking any formal ability to enforce rules. There are disputes over the legitimacy of the G20,and criticisms of its organisation and the efficacy of its declarations.
The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door.In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20. In such a council, members would be elected by the General Assembly based on their importance to the world economy, and the contribution they are willing to provide to world economic development.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and anti-capitalists. In 2010, the Toronto G20 summit sparked mass protests and rioting, leading to the largest mass arrest in Canada's history.[ citation needed ]
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador’s economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of country's GDP. The total trade amounted to 42% of the Ecuador’s GDP in 2017. The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. When Ecuador was part of OPEC, it was one of the smallest members and produced about 531,300 barrels per day of petroleum in 2017. It is the world's largest exporter of bananas and a major exporter of shrimp. Exports of non-traditional products such as cut flowers and canned fish have grown in recent years. In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology have led to the economic development of other sectors like textile, processed food, metallurgy and the service sectors. Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing. From 2015 until 2018 GDP growth averaged just 0.6%. Ecuador's president, Lenín Moreno, has launched a radical transformation of Ecuador’s economy since taking office in May 2017. The aim is to increase the private sector’s weight, in particular the oil industry.
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on the World Bank for its resources. Formed in July 1944, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion.
The Visegrád Group, Visegrád Four, or V4, is a cultural and political alliance of four countries of Central Europe, all of which are members of the EU and of NATO, to advance co-operation in military, cultural, economic and energy matters with one another and to further their integration to the EU.
The Group of Eight (G8) was an inter-governmental political forum from 1997 until 2014. It had formed from incorporating the country of Russia into the Group of Seven, or G7, and returned to its previous name after Russia was disinvited in 2014.
A developed country, industrialized country, more developed country (MDC), or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate.
Hans Eichel is a German politician (SPD) and the co-founder of the G20, or "Group of Twenty", an international forum for the governments and central bank governors of twenty developed and developing nations to discuss policy issues pertaining to the promotion of international financial stability.
The Group of Seven (G7) is an intergovernmental organization consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members. Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions.
The 2008 G20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G20 on how to cooperate in key areas so as to strengthen economic growth, deal with the 2008 financial crisis, and lay the foundation for reform to avoid similar crises in the future. The Summit resulted from an initiative by the French and European Union President, Nicolas Sarkozy, Australian Prime Minister Kevin Rudd, and the British Prime Minister, Gordon Brown. In connection with the G7 finance ministers on October 11, 2008, United States President George W. Bush stated that the next meeting of the G20 would be important in finding solutions to the economic crisis. Since many economists and politicians called for a new Bretton Woods system to overhaul the world's financial structure, the meeting has sometimes been described by the media as Bretton Woods II.
The 2009 G20 London Summit was the second meeting of the G20 heads of government/heads of state, which was held in London on 2 April 2009 at the ExCeL Exhibition Centre to discuss financial markets and the world economy. It followed the first G20 Leaders Summit on Financial Markets and the World Economy, which was held in Washington, D.C. on 14–15 November 2008. Heads of government or heads of state from the G20 attended, with some regional and international organisations also represented. Due to the extended membership, it has been referred to as the London Summit.
BRICS is the acronym coined to associate five major emerging national economies: Brazil, Russia, India, China, and South Africa. The BRICS members are known for their significant influence on regional affairs. Since 2009, the BRICS nations have met annually at formal summits. Russia hosted the most recent 12th BRICS summit on 17 November 2020 virtually due to COVID-19 pandemic outbreak.
Spain's peculiar but seemingly secure position within the G20 also appears to have facilitated their greater participation in the G20’s work: Spain is the only outreach participant to have made policy commitments comparable to those of G20 members proper at summits since Seoul. Spain therefore appears to have become a de facto member of the G20.
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