As of 2014, 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 make up the G20. The members represent the world's most advanced economies, accounting for roughly 85 percent of global GDP and more than 75 percent of world trade.Continue Reading
The G20 was formed in 1999 as a result of the global financial crisis, with the group aiming to improve the future of the global economy. During its annual leaders summit, established in 2008, the presidents of each member country converge, inviting several guest and nonmember nations to gain international input. Discussion is centered around improving financial regulation, implementing key economic reforms needed in member counties and reforming international financial institutions. By establishing measures to limit the collapse of financial markets, the G20 is credited with creating or saving millions of jobs that might otherwise have been destroyed.
Worldwide organizations supporting the G20 include the Organisation for Economic Co-operation and Development, Financial Stability Board, International Labour Organisation, International Monetary Fund, United Nations, World Bank and World Trade Organization. In addition to 2014 host Australia, previous sites of the summit have included the United States, the United Kingdom, Canada, Republic of Korea, France, Mexico and Russia.Learn more about Economics