Group of 20 (G-20)
Definition of 'Group of 20 (G-20)'
The G-20 is not a formal organization, but rather a forum for informal discussions and cooperation. The G-20 meets annually at the level of heads of state and government, and more frequently at the level of finance ministers and central bank governors. The G-20's work is supported by a secretariat located in Washington, D.C.
The G-20 is the premier forum for international economic cooperation. The G-20's members represent about 85% of global GDP, 80% of global trade, and 60% of the world's population. The G-20 has played a key role in addressing the global financial crisis, the eurozone crisis, and the COVID-19 pandemic.
The G-20 has also been criticized for its lack of transparency and accountability. The G-20's meetings are not open to the public, and the G-20's decisions are not binding. The G-20 has also been criticized for its focus on the interests of large developed countries, and for its neglect of the interests of developing countries.
Despite these criticisms, the G-20 remains the most important forum for international economic cooperation. The G-20 is likely to continue to play a key role in addressing the challenges facing the global economy in the years to come.
The G-20 has a number of working groups that focus on specific issues, such as financial regulation, climate change, and development. The G-20 also has a number of initiatives that are designed to promote international cooperation on these issues.
The G-20's work has had a significant impact on the global economy. The G-20's efforts to address the global financial crisis helped to prevent a more severe economic downturn. The G-20's work on climate change has helped to raise awareness of the issue and to promote international cooperation on climate change mitigation and adaptation. The G-20's work on development has helped to improve the lives of millions of people around the world.
The G-20 is a unique forum for international economic cooperation. The G-20 brings together the world's major economies to address the challenges facing the global economy. The G-20's work has had a significant impact on the global economy, and the G-20 is likely to continue to play a key role in addressing the challenges facing the global economy in the years to come.
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