The G-20 is made up of 19 countries and the European Union.
It was born in 1999, in order to deal with important issues in the world economy. It is a forum of finance ministers and central bank governors of twenty major world economies. It does not have a headquarters or permanent staff.
The G-20 is made up of the world's leading industrialized and emerging economies. The sum of the population of its member countries represents two thirds of the world's population and 85% of GDP.
Who are G20 countries?
Specifically, the members of the G20 are:
In addition, the following participate in its meetings as invited countries: Spain, the country that holds the ASEAN presidency and two African countries.
The countries that make up the G-20 meet annually with the aim of achieving, through the consensus of their member countries, measures aimed at overcoming the crisis, improving employment and ensuring the maintenance of a new model of sustainable and balanced global development. The G-20 tries to get rules to be adopted to promote fiscal transparency and fight money laundering.
Its mandates are not binding, so compliance with its recommendations depends on the will of the member countries. There are no voting or other decision-making procedures, as is the case with the World Trade Organization, the International Monetary Fund or the OECD.
The United States is the country with the highest GDP, the richest therefore. It also stands out for its GDP per capita of €58,492€58,492, which indicates that its inhabitants have the best standard of living, much higher than those of India, which, with a per capita GDP of €1,926€1,926, have the population with the worst G-20 standard of living.
Being such a diverse group, there are also large differences in the amount of debt of the countries that comprise it, since the range goes from 211,341250,128 in Saudi Arabia to 24,894,85229,463,730 in United States.