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Saudi Arabia hosts G20 financial leaders meet

  • Category
    India & world
  • Published
    18th Mar, 2020

Finance ministers and central bank governors from G20 nations meet in the Saudi capital for a two-day gathering to discuss the global economy and the risks from the coronavirus epidemic.

Context

Finance ministers and central bank governors from G20 nations meet in the Saudi capital for a two-day gathering to discuss the global economy and the risks from the coronavirus epidemic.

About

  • The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making.
  • Its membership comprises 19 countries plus the European Union.
  • Each G20 president invites several guest countries each year.
  • G20 leaders meet annually.
  • In addition, Finance Ministers and Central Bank Governors meet regularly during the year to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation and implement the key economic reforms that are needed in each member economy.
  • The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis.
  • In 2008, the first G20 Leaders’ Summit was held, and the group played a key role in responding to the global financial crisis.
  • The G20 is supported by international organisations, including the Financial Stability Board, the International Labour Organisation, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the United Nations, the World Bank and the World Trade Organization.

G20 Summit, 2020

  • Saudi Arabia became the first Arab nation to hold the G20 presidency in its capital, Riyadh.
  • The theme of Summit- “Realising Opportunities of the 21st Century for All”.

Highlights of the meet

  • Global economic growth remains slow due to geopolitical, trade tensions, and policy uncertainty.
  • However, it is expected to improve in 2020 and 2021 due to loose monetary policy and an easing of trade tension.
  • The countries have projected a V-shaped, rapid recovery for the global economy.
  • But it has warned about the uncertainty around the spread of the coronavirus, rising debt levels and climate change.
  • Further, India has also demanded closer collaboration between international revenue agencies to investigate tax details of offenders who cross borders to escape tax investigation.
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