THE GLOBAL INITIATIVE - G20 SUMMIT

If you have been watching news lately, you might have seen numerous headlines related to G20 summit and how big of a deal it actually is.

But, what is G20 summit? what does it mean and why does this happen? Let's check it out. G20 (Group 20) is the collection of twenty of the world's largest economies formed in the wake of the financial crisis that swept through the Southeast Asian economies in the late 1990s as a forum for finance ministers and central bank governors. It is a post World War II initiative aimed at international coordination of economic policy. In 2007, G20 was upgraded to include the heads of state and governments.

The G20 summit is formally known as the "Summit of Financial Markets and the World Economy". It is the premier forum for international economic cooperation, has made persistent efforts towards achieving robust economical growth. The G20 accounts for around 80% of Gross World Product (GWP), 75% of international trade, two-thirds of global population and 60% of the world's land area. During and aaer the 2008 global financial crisis, G20's coordinated efforts helped tamp down panic and restore economic growth. The twenty members of the G20 summit include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Republic of South Africa, Russia, Saudi Arabia, Turkey, United Kingdom, United States of America and the European Union. Leaders of invited guest countries including nacons like Bangladesh, Singapore, Spain and Nigeria and representatives of invited guest international organisations such as the United Nacons, World Health Organization, the World Bank and the IMF participate in the summit along with the leaders from G20 members.