The Group of Twenty, or G20, originally came together as a coalition of the world's largest economies, with the goal of fostering dialogue between industrialized and developing nations on matters of global economic and financial stability. Since its first leaders' summit in 2008, the G20 has grown into a prominent platform for addressing not only economic issues but also other critical global challenges. Informal discussions during these summits have occasionally resulted in significant international agreements. The G20’s strong response to the 2008 financial crisis stands out as one of its major accomplishments, but in recent years, its unity has weakened, with critics pointing to its underwhelming handling of the COVID-19 pandemic.
Divisions within the group have deepened as high- and low-income countries diverge on key issues like climate policy, economic development, and the ongoing repercussions of the war in Ukraine. Notably, the African Union (AU) joined as a member in 2023, reflecting efforts to enhance inclusivity. At the 2024 summit in Rio de Janeiro, host nation Brazil is emphasizing the role of the Global South and striving to elevate its influence in shaping global policies.
The G20 is made up of 19 individual countries with some of the largest economies in the world, along with the European Union (EU) and now the AU. Its members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. Spain participates as a permanent guest. The forum serves as a stage for world leaders to discuss economic and financial matters annually, alongside other shared concerns. For instance, during the 2009 summit, the G20 addressed the existence of a secret Iranian nuclear facility, while in 2017, it debated strategies for implementing a partial cease-fire in Syria.
Unlike permanent organizations, the G20 lacks a fixed headquarters or staff. Its leadership rotates yearly among its members, and decisions are made by consensus, with the execution of its initiatives depending on the commitment of individual states.
Collectively, G20 members represent more than 85% of global economic output, approximately 75% of global trade, and about 80% of the world’s population. While these figures have remained consistent, the share held by the Group of Seven (G7)—a smaller collective of advanced democracies—has declined as emerging economies continue to grow and exert more influence on the global stage.