14 hours ago
11
November 20, 2024 | 10:47 pm
TEMPO.CO, Jakarta - The G20 Leaders' Summit was successfully concluded in Rio de Janeiro on November 18 and 19, with leaders from the 19 member countries, the African Union, and the European Union in attendance. The conference resulted in South Africa assuming the presidency of the organization, officially making it the first country from the African continent to chair the G20.
As the public turns its attention to the international group, understanding what the G20 is and its goals is becoming a necessity amidst the world's current dynamic economic ecosystem. This article will walk you through the global organization, as quoted by the World Economic Forum and the Council Foreign Relations.
What is the G20?
The G20 refers to a forum of the world's largest economies that hold regular meetings to discuss key issues affecting many aspects such as the economy, health, trade, climate, and other enduring affairs.
Formed in 1999, the original G20 consisted of twenty of the largest economies in the world such as Canada, France, Italy, Japan, and many more. Hence the name of the bloc.
Its initial agenda was to bring together the major developed and developing economies to maintain financial stability. While economic and financial issues remain the summit's primary concerns, other subsequent coordination revolves around climate change and global health.
According to the World Economic Forum, the G20 countries account for about 85 percent of global GDP and about two-thirds of the world's population.
Who Are in the G20?
The G20 bloc comprises 19 countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, with Spain invited as a permanent guest.
The leader of each nation attends the annual summit, along with a number of international organizations such as the International Monetary Fund, the United Nations, the World Bank, and the World Trade Organization.
Why Does the G20 Matter?
When the forum was first established in 1999, the world was facing the Asian financial crisis. Citing the CFR, the organization aimed to unite central bankers and finance ministers from its members to manage the crisis, which later manifested in the trillion-dollar pledge in 2009 that helped save the global financial system.
Comprising both the world's developed and emerging economies, the G20 provides a broader perspective needed to succeed in its goal of coordinating monetary and fiscal policies. However, in many instances, it has been reported that members have struggled to reach a level of consensus.
Today, the G20 remains a critical forum for addressing some of the world's most pressing challenges, from economic stability to global health and climate change.
With South Africa taking the helm as the first African nation to chair the G20, the organization is entering a new chapter that reflects greater inclusiveness and global cooperation.
Editor's Choice: Sri Mulyani Reveals Indonesia's Focus at G20 Summit
Click here to get the latest news updates from Tempo on Google News
Indonesia Can Reach Net Zero Emissions Before 2050, President Says
3 jam lalu
Indonesia is optimistic it can reach net zero emissions before 2050, a decade earlier than previously targeted, President Prabowo Subianto told a G20.
South Africa Becomes First African Country to Lead G20
10 jam lalu
South Africa officially becomes the first country from the African continent to chair the G20.
Bappenas Chief: Indonesia's Economy Has Stagnated for 20 Years
1 hari lalu
Indonesia's economy has stagnated over the past two decades, says Bappenas head.
Today's Top 3 News: Apple to Build Rp158 Billion Factory to Sell iPhone 16
1 hari lalu
Here is the list of the top 3 news on Tempo English today.
Prabowo Asserts Commitment to Tackle Hunger, Poverty at G20 Summit
1 hari lalu
At the G20 Summit, Prabowo underscored Indonesia's commitment to addressing hunger and poverty as national priorities.
Paraguay President 'Doing Well' After Hospitalization in Brazil While Attending G20 Summit
1 hari lalu
President of Paraguay Santiago Pena was in stable condition on Monday night after being hospitalized while attending the G20 Summit.
Prabowo Attends G20 Summit in Brazil, Focuses on Fighting Poverty
1 hari lalu
Indonesian President Prabowo Subianto attended the G20 Summit at the Museum of Modern Art, Rio de Janeiro, Brazil, on Monday, November 18, 2024.
Prabowo Says a Handful of Wealthy, a Failed State
2 hari lalu
President Prabowo Subianto said that high growth is meaningless if the majority of people cannot reap its benefits.
Prabowo Says Current Priority is Improving National Economy
2 hari lalu
Prabowo departed for his first official overseas tour as Indonesia's president on November 8.
Sri Mulyani Reveals Indonesia's Focus at G20 Summit
4 hari lalu
Finance Minister, Sri Mulyani Indrawati, reveals three main focuses of Indonesia at the G20 Summit. From welfare issues to energy transition.
