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Group of Twenty or G-20

Posted on : 01 Jan 2020

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  • The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European Union.
  • The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders’ Summit was held, and the group played a key role in responding to the global financial crisis.
  • G20 leaders meet annually. In addition, Finance Ministers and Central Bank Governors meet regularly during the year to discuss ways to strengthen the global economy, reform international financial institutions improve financial regulation and implement the key economic reforms that are needed in each member economy.
  • As the “premier forum for international economic cooperation” representing more than 80% of the global GDP, the G20 has made continuous efforts toward achieving robust global economic growth.
  • The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”. The 2019 G-20 summit was held in Osaka, Japan. It was the first time that Japan took on the G-20 presidency.
  • On the sidelines of the summit, India and Japan exchanged Letter of Intent for Ahmedabad-Kobe sister city partnership which will pave way for an enhanced economic relationship between the two vibrant cities as well as the two countries

Article Related Questions

  1. Consider the following statements regarding Group of Twenty or G-20
    1.The first G-20 Leaders’ Summit was held in wake of Global financial Crisis.
    2.The 2019 summit was hosted by Japan for the first time.
    Which of the above statements is/are correct?

  2. 1.1 only

    2.2 only

    3.Both 1 and 2

    4.Neither 1 nor 2

    Right Ans : Both 1 and 2

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