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In today’s world, the game of WORLD ECONOMY
is determined by decisions
taken by the G-20. A game that affects us ALL.
You are probably wondering,
why do only 20 countries determine the economies of the five continents,
in other words, from about 200 countries?
PIndeed, the GLOBAL ECONOMY game used to have relatively clear rules
defined by the 8 wealthiest and most industrialized countries that gathered under the name G8;
there were few countries and was therefore less representative than the G-20,
yet together they accounted for around 60% of global GDP.
In the late 90's something happened…: the dreaded crisis came
coinciding with the need to recognize the emerging economies
of the new so-called G5 which were beginning to gain more prestige and international influence.
The G-20 was founded in 1999 in response to the above.
The first meeting was held in December 1999 in Berlin (Germany).
The G-20 can be divided into three groups.
On one side there’s the G-8, made up of the seven major industrialized countries in the world:
the United States, the United Kingdom, France, Italy, Germany, Canada and Japan.
Russia is added to this group because of its nuclear power and its political importance.
The other is the G-5,
formed by the five major emerging powers:
Mexico, Brazil, South Africa, India and China.
The third and final group consists of a number of countries
that are chosen for various economic, social and political reasons:
Argentina, Turkey, Saudi Arabia, South Korea, Indonesia,
Australia and the European Union.
If there are countries of current relevance, such as Spain for example,
the G-20 also allows for their participation.
In total, the G-20 represents 90% of the world’s GDP
and 2 / 3 of the world’s population.
The G-20 holds annual meetings in which the finance ministers
and central bank directors of each of the member countries discuss
and tackle various issues which, by their nature,
are of vital importance to the global economy.
At the end of each summit a list of items is agreed upon
to be developed and studied by each country,
el trabajo avanzado y listo para exponer por cada país.
In principle, everyone has a voice in the G-20
and there’s no formal voting;
the idea is to take decisions and adopt measures
based on consensus.