Highlights

Recently 15th G20 Riyadh summit was hosted by Saudi Arabia. The Next 16th G20 summits are to be held in Italy in 2021. After Italy, Indonesia will be host 17th G20 Summit in 2022. In 2023, India will be organised 18th G20 Summit or G20 Delhi Summit and in 2024, will be organised 19th G20 Summit.

15th G20 summit, 2020

The main focus of the G20 Riyadh 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 COVIS-19 Pandemic. They also shared their vision on building a resilient future

Indian leader Prime Minister Narendra Modi participated in the G20 Riyadh summit that was held under the leader ship of King Salman bin Abdulaziz Al Saud theme for G20 Riyadh summit “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.

About G20 summit

After the 1997-98 financial crisis, it was agreed that the participation of major emerging market countries are essential in the International Financial System (IFS). In order to achieve this the G7 (Group of Seven-Canada, France, Germany, Italy, Japan, UK and the United States) finance ministers agreed to establish the G20 meeting in 1999. The G20 (Group of Twenty) 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 3rd 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. G20 member countries collectively account for around 90 per cent of the gross world product (GWP). Group of Twenty also account for 80 per cent of world trade and 2/3rd of the 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.

On 21 and 22 November 2020, Saudi Arabia host 2020 G20 Riyadh summit or 15th G20 summit. India to host G20 Summit in 2023 India to host G20 Summit in 2023