G20 is the group or forum of 20 different countries shaking hands to discuss significant issues in the world economy and predict the nominal GDP of associated countries. G20 was formed as a response to the financial crisis of the 1990s after evaluating that there was no adequate representation of these countries in the governance of global economic discussion. The main aim of the G20 was the strategic balance or the international coordination of economic policy. This includes several institutions such as Bretton Woods Twins and the World Trade Organization. At the 2009 summit of G20 members, the forum declared itself the primary spot for financial cooperation and international economics. The group has achieved great success in the following decade and created a significant global influence. At the recent G20 summit i.e., the Indian Prime Minister gave a departure statement before leaving for the summit. Let’s discuss the members and G20 summits in brief.

Significance of the G20 Summit

The G20 summit has great significance in discussing and dealing with important issues related to the international economy, global economic growth, and financial stability. According to the media, members of this summit are always important drivers of the global economy since 2007. Turkey (a member of the G20 summit) recorded the highest rise in nominal GDP in 2021, i.e., by 11%.

The G20 represents:

  • Approximately 80% of the gross world product.
  • 60% of the global population 
  • 75% of world trade.

The First G20 Summit

The first-ever G20 summit was hosted in Washington in November 2008 and featured the global financial crises as the main topic. After discussing the causes of the global economic crises, leaders came to implement an action plan with three objectives. These three objectives for the betterment of the global economy were:

  • The restoration of growth at the global level.
  • Strengthening the financial system globally.
  • Reformation of the international financial institutions. 

The 14th G20 Summit

In Osaka, Japan, the Indian Prime Minister Narendra Modi attended the 14th G20 summit held on June 28 and 29, 2019. This was his sixth time attending the G20 meeting as the representative of India. Before leaving for the 14th G20 summit, Modi promised to emphasise topics such as women empowerment, AI, and other global challenges. The theme of his representation was Human-Centred Future Society. He emphasised various issues in the meeting, such as:

  • Financial stability and security of energy
  • Trade, WTO reforms and economic growth
  • Data security concerns and 5G
  • Terrorism
  • AI (Artificial Intelligence) and Digital Economy.
  • Corruption
  • The Iran crisis
  • Return of economic fugitives
  • Defence of countries.
  • Climate change

The Latest G20 Summit

The 2021 G20 summit was held in Rome, Italy, by Mario Draghi (host leader) with the theme People, Planet and Prosperity. In the departure statement, the Indian Prime Minister promised to hold discussions on topics concerning health recovery from the pandemic and global economics. He further stated that he would address the topic of climate change in Glasgow. 

Major discussions at the G20 Summit hosted by Italy were as follows:

  • The major objective of this summit was to discuss the health, economic and social crisis that arose due to the pandemic. Therefore, the G20 can provide effective measures to tackle these problems. 
  • The theme of the G20 summit involved planet issues such as climate change and the loss of sustainable resources. Continuous climate change is affecting the lives of all species globally. It has become a serious threat to the polar regions leading to the melting of ice. This can lead to the extinction of several species living in that area, such as penguins.
  • Due to COVID-19, there is a severe economic crisis worldwide, and it is the worst of the century. Thus, the G20, the group of the 20 most important economies, should shake hands to resolve this economic crisis.

Conclusion 

The G20 summit is a forum of 20 different countries that unite to discuss significant issues in the world economy and decide the nominal GDP of associated countries. India has always been a leading participant in this summit. Before leaving for the 14th G20 summit, Modi’s departure speech emphasised topics such as women empowerment, AI, Corruption, the Iran crisis, the return of economic fugitives, and other global challenges. The latest G20 Summit was hosted in Rome in 2021.