Q. Consider the following statements regarding the G-20:
1. It is an inter-governmental treaty between 19 member countries and European Union.
2. It was created after the gulf war to promote economic growth among developing and developed countries.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D
Notes:

The Group of Twenty, or the G20, is the premier forum for international economic cooperation. The G20 comprises 19 countries and the European Union.  

  • The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States. 
  • The G20 brings together the leaders of both developed and developing countries from every continent.  
  • Collectively, G20 members represent around 80% of the world’s economic output, two-thirds of global population and three-quarters of international trade.  
  • Throughout the year, representatives from G20 countries gather to discuss financial and socioeconomic issues.  
  • Originated in 1999 at the level of Finance Ministers and Central Bank Governors, the G20 gathered for high-level discussions on macro-financial issues.  
  • In the wake of the 2008 global financial crisis, the G20 was elevated to include the leaders of member countries.  
  • The first G20 Leaders’ Summit took place in Washington D.C. in November 2008.  
  • Consequently, the G20 agenda expanded beyond macro-financial issues, to include socio-economic and development issues. 

Source: Indian Express