G20 VIRTUAL SUMMIT
What’s in news?
Leaders from the Group of 20 nations will attend an extraordinary virtual G20 Summit through video conference.
- President: This year (2020) G20 summit will be chaired by Saudi Arabia who is coordinating the video summit.
- Core concept: In this summit, the leaders will discuss a global response to ongoing outbreak – COVID- 19 crisis, as the disease continues its rapid spread across the world.
- At this COVID-19 outbreak, the global economy could be staring at a recession as bad as or worse than the one during the global financial crisis of 2008.
- The G20 leaders will also discuss the economic and social impact of the pandemic, including its effect on the global supply chain.
- Invited countries: The G20 members will be joined by leaders from the invited countries – Spain, Jordan, Singapore, and Switzerland.
- International Organizations: Along with the non-member countries, the organizations were also invited – United Nations, World Bank, IMF, World Health Organization and World Trade Organization.
- Financial assistance: The financial organization like IMF, World Bank and other global institutions have agreed to financial assistance to reduce the global economic impact.
- Background: The G-20 finance ministers and central bank governors held an emergency meeting to discuss the economic fallout from the virus and plans for a joint response. After such meeting, the G20 leaders were conducting this summit to discuss the above mentioned points.
Data to know:
Group of 20 (G20) countries:
- It is an international forum for the governments and central bank governors from 19 countries and the European Union (EU) – represented by the European Commission and by the European Central Bank.
- Established year: The group was established in 1999, September 26.
- Aim: It was formed to discuss policy pertaining to the promotion of international financial stability, the G20 has expanded its agenda since 2008 and heads of government or heads of state, as well as finance ministers and foreign ministers, have periodically conferred at summits ever since.
- It seeks to address issues that go beyond the responsibilities of any one organization.
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