Test Your Knowledge on the G20

G20: An Overview

• The G20 is an intergovernmental forum comprising 19 countries and the European Union (EU) that work to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.

• The G20 includes most of the world's largest economies finance ministries, accounting for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world's land area.

• The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has convened at least once a year, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials.

• The G20's primary focus has been governance of the global economy, with summit themes varying from year to year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity".

• 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.

• Since 2011, the summits have been held only once a year. The 2021 summit was held in Rome, Italy, and the 2022 summit is held in Bali, Indonesia. India holds the G20 presidency from 1st December 2022.

• The G20's membership does not reflect exactly the 20 largest economies of the world in any given year.

• Permanent guest invitees are: the government of Spain; 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.

• In addition, 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.

• The G20 has been criticised for its limited membership, lack of enforcement powers, and for the alleged undermining of existing international institutions.

• The G20's membership has accounted for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the world's land area.

• The G20's guests include, amongst others, Spain, the United Nations, the World Bank, the African Union and ASEAN.

• The G20's membership includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.Overview of the G20 and its agenda

• The G20 is a group of 19 countries and the European Union, representing the world's largest economies and accounting for around 75% of global carbon emissions.

• The G20 was initially formed to focus on financial stability and sustainability of sovereign debt, but has since expanded its agenda to include issues such as migration, digitisation, employment, healthcare, economic empowerment of women, and development aid.

• Despite promises to phase out inefficient subsidies, G20 nations have subsidised fossil fuel companies over $3.3 trillion between 2015 and 2021, with several nations increasing subsidies.

• 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.

• The G20's exclusivity of membership has also been criticised for underrepresenting African countries and other major economies such as Spain, Poland, and Norway.

• Singapore's chairing of the Global Governance Group (3G) has helped to channel the views of non-G20 members into the G20 process more effectively.

• Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8, and branding its efforts to implement reforms of the world's financial institutions as failures.

• Following Russia's invasion of Ukraine, calls have been made for the removal of Russia from the G20, with some suggesting that Ukraine be allowed to attend the 2022 summit instead.