G20 Summit 2022
The countries that represent and contribute more than 80% of the global GDP attended the Premier forum for International Economic Cooperation, which was established by leaders at the Pittsburgh Summit in September 2009. This was done in order to promote a healthy global economic growth. These nations worked together to discuss at what was then called the “Summit on Financial Markets and the World Economy,” or G20 Summit.
Since globalization advanced and numerous concerns grew more intricately interconnected, the G20 summits began focused not only on macroeconomics and trade, but also on a wide variety of global challenges that have a significant impact on the global economy. These topics included global development, energy and climate change, health, counterterrorism, and migration and refugee issues. For the UPSC CSE preparation, knowledge about G20 countries and specifics of the G20 Summit is crucial.
Read about: G7 Countries
G20 Summit History
It was acknowledged after the Asian Financial Crisis of 1997–1998 that a conversation on the global financial system required the involvement of significant developing market nations. A conference of the G20 Finance Ministers and Central Bank Governors is thus established by the G7 Finance Ministers in 1999.
The G20 Finance Ministers and Central Bank Governors’ meeting was focused on important monetary and economic issues among the major participants in the global financial system. Their goal was to encourage collaboration in order to achieve steady and long-term global economic growth for the benefit of all nations.
They promoted to the position of head of state in order to create a forum for leaders from significant developed and emerging market nations. The third summit, which took place in Pittsburgh in September 2009, saw the leaders appoint the G20 as the “primary venue for international economic cooperation.” The summit sessions were then held annually beginning in 2011 and biannually until 2010.
Read about: List of Asian Countries
G20 Summit Works
There are two tracks for the G20’s work. The financial track includes all discussions with G20 finance ministers, central bank governors, and their designees. They get together frequently throughout the year to talk about money and budget issues as well as financial regulations. The Sherpa track concentrates on more extensive subjects including political participation, corruption prevention, development, and energy, among others.
Each G20 nation is represented by a Sherpa who acts as the leader’s representative and plans, directs, implements, etc.
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G20 Summit Structure and Functioning
According to a system that guarantees long-term regional balance, the G20 Presidency rotates annually. For the purpose of choosing the president, the 19 countries are separated into five groups, each of which can only contain four nations. The presidency is alternately held by each faction.
The G20 selects a president from a different group each year. India is included in Group 2 together with Russia, South Africa, and Turkey. The G20 does not have a set secretariat or headquarters. Instead, the G20 president is in responsible of coordinating the G20 agenda with other participants and responding to developments affecting the world economy.
Read about: Neighbouring Countries of India
G20 Summit Countries List
|Republic of Korea||Republic of South Africa|
|United States of America||European Union (EU)|
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G20 Summit 2022
The 15th of November 2022 was designated as the G20 Summit date. The host nation for the Bali Summit, also known as the G20 Summit, will be Indonesia. The following subjects will receive top priority during the G20 Summit 2022:
- Global Health Architecture
- Digital Transformation
- Sustainable Energy Transition
The theme of the G20 Summit in Bali is ‘Recover Together, Recover Stronger’.
Significance of the 17th G20 Summit
On November 15, PM Modi will go to Bali, Indonesia for the 17th G20 Summit. India will occupy the G20 Presidency for one year, beginning on December 1, 2022, and ending on November 30, 2023, immediately following the conclusion of the 17th G20 Summit in Bali.
The 18th G20 Summit will take place in New Delhi on September 9 and 10, 2023. The G20 accounts for about 75% of worldwide trade, about two-thirds of the world’s population, and close to 85% of global GDP.
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G20 Summit in 2023
Following the 17th G20 Heads of State and Government Summit, which took place in Indonesia in November 2022, India will take over the G20 presidency in December 2022. India will hold the G20 Presidency for a year.
Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE will be invited as guest nations by India, which is currently holding the G20 Presidency. India, Indonesia, and Brazil would make up the troika under the Presidency. The troika would include three developing nations and rising economies for the first time, giving them a stronger voice. The term “troika” refers to the G20’s top hierarchy, which comprises of the present, past, and future presidents (Indonesia, India and Brazil).
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G20 Summit FAQs
Q) Where is G20 summit held 2022?
Ans. Hardys Malls Nusa Dua where G20 summit was held.
Q) What is G20 summit?
Ans. The G20 brings together the world’s major economies. Its members account for more than 80 per cent of world GDP, 75 per cent of global trade and 60 percent of the population of the planet. The forum has met every year since 1999, with leaders meeting for an annual G20 Leaders’ Summit since 2008.
Q) Why G20 summit is held?
Ans. The G20 holds a strategic role in securing future global economic growth and prosperity. Together, the G20 members represent more than 80 percent of world GDP, 75 percent of international trade and 60 percent of the world population.
Q) WHO is the chairman of G20?
Ans. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group’s work and organizes its meetings. The 2021 summit was held in Italy. The current chair is held by India. The 2023 and 2024 summits will be hosted by India and Brazil respectively.
Q) The 17th G20 Summit was held at?
Ans. The 17th G20 Summit was held at Bali, Indonesia on November 15 and 16, 2022.
Q) What is the theme of the 17th G20 Summit in Bali?
Ans. The theme of the 17th G20 Summit in Bali is ‘Recover Together, Recover Stronger’.
Q) Where will the 18th G20 Summit next year held?
Ans. The 18th G20 Summit next year will be held in New Delhi in year 2023.
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