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Backgrounder: What is G20 Summit


08-27-2016 15:12 BJT

Full coverage: G20 Hangzhou Summit

The G20, or the Group of Twenty, is an international forum for the governments from 20 major world economies.

It was created in 1999 after the Asian financial crisis, as finance ministers and central bank governors believed it was time to work together to maintain world financial stability.

The 2008 global financial crisis revealed the shortcomings.

So, the leaders of the 20 economies gathered for the first time in 2008 to try to find a way out.

The high-profile get-together helped boost consumer and business confidence and supported the first stages of economic recovery.

G20 leaders continued to meet semi-annually, and since 2011, have met annually. They continue to focus on measures to support global economic growth, with a strong emphasis on promoting job creation and open trade.

The members include 19 individual countries, along with the European Union. Together they account for around 85 percent of the gross world product, 80 percent of world trade, and two-thirds of the world population.

Today, the global economy has entered another crucial juncture. Can we strengthen the foundation for global recovery and growth? Can we take advantage of technological breakthroughs and usher in a new round of global growth? Those are the issues the summit will address.

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