"G20: Success, Failure & Its Impact on the Global Economy"

G 20 (Group of twenty ) is an international organization of the world's economic economies. It is represented by a total of 20 countries including 19 countries and the European Union (Britain, France, Italy, Germany). Now this organization discusses many issues other than the economy, such as climate change, debt relief to developing countries. Meetings of this organization are held in different countries from time to time. Recently, its meeting was held in Rio de Janeiro, Brazil on 18 and 19 November 2024. The next proposed meeting will be held in Johannesburg, South Africa in November 2025. Apart from this, this meeting will be held in the United States in 2026. Know how this organization works and what is its main function and objective? 

What is G 20 (Group of twenty)?

 G 20 is an international organization of the world's economic economies. It was established in 1999. Its headquarters is not permanent. Its headquarters is in the country where its meeting takes place. The headquarters of this organization is a rotating headquarters.  It is an organization of 20 countries including 19 countries and the European Union. It is an organization of countries that account for 85% of the world's economy and have about two-thirds of the world's population.

Purpose of establishing G 20

The main purpose of establishing G20 is to overcome the economic crises in the world. During 1997-98, when the economic crisis arose in Asia, organizations like G7 and IMF failed to stop it. Then the whole world realized that such an organization should be formed which represents the countries of the whole world and with which the economic interests of all are linked. Countries with all economies together formed an international organization like G20. Today it is the largest international economic organization in the world.

Function of G20

 The main function of G20 is to bring economic stability in all the countries of the world. G20 meetings are held in different countries from time to time. And many economic proposals are also passed. Apart from the economy, G20 also holds meetings on many issues such as climate change, technology sector, economic policy. G20 works in collaboration with many major international organizations such as IMF, WTO,  WHO , World Bank. The work done by it affects the world's economic system.

India and G20: 

India has been a member of G20 since its formation. India chaired it in 2023. It was a historic and proud moment for India. It was special for India in many ways. Its conference was held in New Delhi. During this time, the world's leading leaders came to India. India also made many important agreements by meeting with different countries. All the countries of the G-20 agreed unanimously on all the important plans that India had put before the world in its manifesto. It was a big thing for India to put its point in front of the world and to be accepted by the world with all this wealth. The African Union got full membership in this conference. At the time when the G20 conference was being held in India, the war between Russia and Ukraine had started, yet India was successful in putting its point.

Success of G20: 

It is one of the most influential economic organizations in the world. This organization has played an important role on many issues like economic economy, global stability, climate change. In 2008, when the whole world was going through recession, G20 played an important role in stopping this recession. Apart from this, G 20 gave a loan of 5 trillion dollars during Covid-19. Apart from this, it worked to increase the international organization IF World Bank keep funding, such that the economy of many countries was saved from sinking and also gave economic loans to many countries.

Failure of G20 

 A total of 20 countries are included in G20, in which different countries have different opinions on many important issues. All the countries of G20 are not unanimous on the Russia-Ukraine war. Western countries, Europe and Canada want to impose sanctions on Russia. While India, Brazil and China are not in favor of this. America's stance has also changed after the Karam government came to power. The earlier Biden government also wanted to impose sanctions on Russia. Apart from this, all the countries have different opinions on climate change too. There are both developing and developed countries in this organization. Developed countries are not unanimous on the issue of climate change on developing countries. Everyone has different opinions. The United States has completely gone out of the entire climate change issue.

Conclusion 

G20 is an economic forum that promotes global stability and development in the world economy. Developing countries have benefited a lot from this organization. The world economy has seen good growth due to this organization. The importance of this forum has increased further in the global scenario. Because this organization is the forum of the world's largest major economies. It coordinates economic policies and helps in finding solutions to the world's economic challenges.If this organization continues to work in this manner, it will prove to be an important factor in bringing economic prosperity and stability in the world.