Question
Download Solution PDFWhat does the letter "G" stand for in G20 Nations ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Group
Key Points
- Group is what the letter "G" stands for in G20 Nations.
- The G20, or Group of Twenty, is an international forum for governments and central bank governors from 19 countries and the European Union (EU).
- It was founded in 1999 in response to the financial crises of the late 1990s, and it aims to discuss policy pertaining to the promotion of international financial stability.
- The G20 brings together the world's major economies, representing all inhabited continents, 85% of global GDP, and over 75% of global trade.
Additional Information
- The G20 operates without a permanent secretariat or headquarters. Instead, the G20 chair rotates annually among its members.
- Each G20 member is represented by its head of state or government, or by its finance minister and central bank governor.
- The G20 summit, held annually, is the culmination of a year-long process of meetings among ministers, senior officials, and civil society representatives.
- In addition to the summit, the G20 process includes meetings of finance ministers and central bank governors, and engagement groups such as the Business 20 (B20), Civil 20 (C20), Labour 20 (L20), and Youth 20 (Y20).
Last updated on Jun 19, 2025
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