The Group of Twenty (G20) emerged from the financial turmoil that followed the collapse of the Thai currency in 1997, which rapidly spread financial instability from Thailand to the rest of Asia.
At that time, the finance ministers and central bank governors convened to forge a strategy to stabilise the global economy and prevent future crises. Their aim was to set up a forum to maintain global economic stability.
The G20 today is a voluntary international forum. It includes the advanced capitalist nations of the Group of Seven (G7) – Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States – and the G7’s allies in the European Union, as well as the emerging and developing economies of Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, and the African Union in 2025.
