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Leaders from the Group of 20 (G20) major economies will start the 18th summit in India’s capital, New Delhi, on Saturday with the theme “One Earth, One Family, One Future.”
The group comprises 19 countries and the EU. These countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK and the U.S.
The G20 members represent around 85 percent of the global GDP, over 75 percent of the global trade and about two-thirds of the world population.
The GDP in the G20 area grew by 0.9 percent quarter on quarter in the first quarter of 2023, up from 0.4 percent in the previous quarter, according to data from the Organization for Economic Co-operation and Development. In the first quarter of this year, the GDP in the G20 area exceeded its pre-pandemic level in the fourth quarter of 2019 by 7.8 percent.
The world’s 20 major economies formed the economic grouping after the Asian financial crisis in 1999 to discuss global economic and financial issues, with the understanding that the containment of such crises required better international economic cooperation.
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 summit is held annually under a rotating presidency. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, sustainable development, health, agriculture, energy, environment, climate change and anti-corruption, among others.
India took over the G20 presidency from Indonesia on December 1, 2022. It will hand over the presidency to Brazil on December 1, 2023.
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