The G20 is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.
After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed on discussions on the international financial system. The first meeting of G20 was held in 1999 in Berlin.
Representing more than 80% of the global GDP, the G20 has made continuous efforts toward achieving robust global economic growth. The recent G20 summits have focused not only on macroeconomics and trade, but also on a wide range of global issues which have an immense impact on the global economy, such as development, climate change and energy, health, counter-terrorism, as well as migration and refugees.
G20 summits are held annually since 2011.
The 19 participating countries are:
- Republic of Korea
- Republic of South Africa
- Saudi Arabia
- United Kingdom
- United States of America
Source: g20.org, Wikipedia