G-20

IN NEWS:

• Finance chiefs from the Group of 20 major economies said recently that the global economy is expected to "contract sharply" this year due to the new coronavirus pandemic.

About G-20

• The G20 or Group of Twenty is an international forum for the governments and central bank governors from 20 major economies.
   

Agenda:

• It was founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability.
• The mandate of the G-20 is to promote global economic growth, international trade and financial market regulation.
• Because the G-20 is a forum, its agreements or decisions have no legal impact, but they do influence countries' policies and global cooperation.
• After the financial crisis in 2008, the group began to host annual summits where heads of state representatives —often finance ministers or equivalent —meet to discuss ongoing economic issues.
• After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance “were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment of women and development aid.

Membership:

• The members include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States—along with the European Union (EU).

PRELIMS QUESTION
Which of the following countries is not a member of G-20 group of nations?
(a)    Russia
(b)    Turkey
(c)    Mexico
(d)    Vietnam

Answer to prelims question