G-20 major economies : Ask Biography

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The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies comprise more than 80% of the world's GDP, 85% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population. They contribute to 84.1% and 82.2% of the world's economic growth by nominal GDP and GDP (PPP) respectively from the years 2010 to 2016 according to International Monetary Fund (IMF).

The G-20 was proposed by former Canadian Finance Minister Paul Martin (later, Prime Minister) for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion (among key industrial and emerging market countries) of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations.

The heads of the G-20 nations have met semi-annually at G-20 summits since 2008. The most recent was held in Seoul on November 11 � 12, 2010. Starting in 2011, G-20 summits will be held annually.