what is g 20

The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union, and the African Union. It was founded in 1999 in response to the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues. The G20 is composed of most of the worlds largest economies finance ministries, including both industrialized and developing countries; it accounts for around 80% of gross world product (GWP), 75% of international trade, two-thirds of the global population, and 60% of the worlds land area. The G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and, in 2009, was designated the “premier forum for international economic cooperation” . The G20 Summit is held annually, under the leadership of a rotating Presidency, and it has expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G20 meets regularly to coordinate global policy on trade, health, climate, and other issues. The G20 is the premier forum for international economic cooperation and brings together the worlds major and systemically important economies.