India to host G20 Summit in 2023

The G20 summit of 2020 was hosted by Saudi Arabia recently. The subsequent G20 summits are to be held in Italy in 2021, Indonesia in 2022, India in 2023 and Brazil in 2024.

About G20 summit, 2020

The main focus of the Summit was on resilient, inclusive and sustainable recovery from covid-19 crisis. During the Summit the leaders discussed on the preparedness of the countries in response to the pandemic. They also shared their vision on building a resilient future

Prime Minister Narendra Modi participated in the 2020 G20 summit that was held under the theme of “realising opportunities of the 21st century for all”.  The theme mainly focuses on empowering people, safeguarding the planet, shaping new frontiers. In order to mark the G20 Presidency of Saudi Arabia the country released a 20 Riyal commemorative banknote.

G20 summit

After the financial crisis of 1997-98, it was agreed that the participation of major emerging market countries are essential in the International Financial System. In order to achieve this the G7 finance ministers agreed to establish the G20 meeting in 1999. The G20 finance Ministers and the central Bank governors meet mainly focuses on monetary policy issues and major economic decisions. Their main objective is to achieve stable and sustainable Global economic growth.

This was later upgraded to a forum of leaders from major developed and emerging markets. In 2009, during the third Summit of G20, the leaders designated the grouping as a premium forum for international economic cooperation. The G20 summit were held semi-annually until 2010 and annually from 2011. The G20 countries account to 80 percentage of World Trade and holds two third of World Population.

Previous G20 summits

The last G20 summit was held in March 2020. During the Summit the leaders developed an understanding to help contain the spread of covid-19 pandemic.

Month: Current Affairs - November, 2020