G20 Summit – An annual event to strengthen the global economy
The Group of Twenty (G20) is the leading international cooperation forum, focusing on the most important international economic and financial issues. There are total of 19 members and the European Union. The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. Each G20 President invites several guest countries every year and all G20 leaders meet annually. Besides this, 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.
Conceived in the year of 1999, this forum was set up to give a boost to the global economy after the losses caused by the Asian financial crisis. In 2008, the first G20 Leaders’ Summit was held, at which the group played a crucial role in tackling the global financial crisis. Its coordinated and determined actions resulted in improved consumer and business confidence, which laid the foundation for the initial stages of global recovery. G20 leaders have met eight times since 2008.
To manage today’s vulnerable global economy; G20 plays a great role in safeguarding emerging economies and encouraging global cooperation. Its response to the global financial crisis is a testament to the impact G20 members can make when working together. The G20 introduced trillions of dollars in fiscal stimulus packages worldwide that saved or created millions of jobs that would otherwise have been lost. It also put in place measures to restrict the collapse of financial markets and helped maintain consumer and business confidence.
Over the past five years, the G20 has driven global efforts to stimulate growth and build the resilience of financial institutions and national economies. It has played a great role in helping the world emerge from economic crisis and pass through the initial stages of the recovery. After putting the world on a safer footing, the G20 is now shifting its focus towards practical actions that will lead to sustained growth. The challenges that now confront the global economy are less alarming and immediate than those faced at the times of the global financial crisis and they are not less important.
The G20 also regularly engages with non-government sectors. Engagement groups from business (B20), civil society (C20), labour (L20), think tanks (T20) and youth (Y20) are holding major events during the year, the outcomes of which will contribute to the deliberations of G20 leaders. The permanent forum of independent business federations from G20 countries, the B20 Coalition, is also actively engaged in contributing to the G20 process.
With an aim to tackle any possible global financial crisis, G20 Australia aims at improvising financial regulations and laws to ease global trade and bring harmony across multiple economies.