G20
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
Some of the key events about G20
- 1999Established as a forum for finance ministers and central bank governors to address global economic challenges
- 1999Criticized for lack of transparency and exclusion of developing countries in its formation
- 2001Failed to address growing concerns about global economic imbalances
- 2008Elevated to leaders' level summit in response to the global financial crisis
- 2008Unable to prevent the global financial crisis despite warnings
- 2009Committed $1.1 trillion to combat the global financial crisis and restore credit, growth, and jobs
- 2009Criticized for insufficient action on tax havens and financial regulation
- 2010Endorsed the Basel III reforms to strengthen global financial regulation
- 2010Faced accusations of promoting austerity measures that harmed economic recovery
- 2011Failed to reach consensus on addressing currency manipulation
- 2014Pledged to boost global GDP by an additional 2% by 2018 through coordinated growth strategies
- 2014Criticized for weak commitments on climate change action
- 2015Adopted an action plan to combat tax avoidance by multinational corporations
- 2016Launched the G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries
- 2017Established the G20 Africa Partnership to promote sustainable economic development
- 2017Unable to find common ground on free trade and climate change policies
- 2018Struggled to address rising trade tensions and protectionist policies
- 2020Suspended debt payments for the world's poorest countries during the COVID-19 pandemic
- 2020Criticized for delayed and uncoordinated response to the COVID-19 pandemic
- 2021Endorsed a global minimum corporate tax rate of 15% to address tax avoidance
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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