The G20 summit is due to take place on Wednesday and Thursday; here’s everything you need to know about the world’s most prominent political alliance.
1. It was originally an alliance of finance ministers
The original G7 alliance was set up in response to a financial crisis which gripped most of Asia in the late 1990s. The problem started in Thailand and was caused by the country’s lack of foreign currency. The economic downturn spread to neighbouring countries. Quick thinking from the newly established G7 members saw Asian economies stabilise before the new millennium. The G20 Bloc evolved out of the G7, but the two remain separate alliances.
3. Leadership changes every year
Much like the African Union, the G20’s leadership is on rotation. Each country gets a chance to chair the alliance. India has been at the bloc’s helm since the start of 2023.
4. It’s bigger than you think
Even as the G7, the bloc wielded significant power over global politics. But as more countries joined and G7 evolved into the G20, its power and influence grew. It currently comprises 85% of the global GDP and 75% of the world’s population.
5. The conflict in Ukraine is putting pressure on the entire alliance
As the war in Ukraine continues to spike tensions between Russia and the West, India has tried to make its Chairship of the G20 impactful. However, this won’t be an easy task as the country has encountered many obstacles while trying to broker peace between the G20 Leaders.
Learn more about the summit schedule.
6. Xi Jinping will not be in attendance
Chinese President Xi Jinping skipped this year’s G20 Summit being hosted in India. Instead, China’s second most senior leader, Premier Li Qiang will be traveling to the event in New Delhi this weekend.
This is the first time Xi will skip the gathering, a move widely considered to be a snub at India, its BRICS counterpart; however, no reasons were given for his absence.
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