With the G20 (Group of Twenty) summit about to be held in Hangzhou, China, these are seven facts one should know about the group:
- The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major economies.
- It was founded in 1999.
- It was created with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
- Their first meeting was in 2008.
- The G20 is comprised of 19 individual countries along with the European Union.
- Collectively, the G20 economies account for around 85 per cent of the gross world product (GWP), 80% of world trade.
- It accounts for two-thirds of the world population.