According to 2021 data, Turkey fell to 21st place among the world’s 20 largest economies. Despite this setback, our country remains in the G20. So what’s the reason for this? We take a closer look at the history of the G20 and the conditions under which countries can participate.
20 countries, including Turkey, came together and took new decisions. G20You’ve heard of before. Many people think that the G20 was organized by the countries with the 20 largest economies in the world. However According to the data of the IMF and the World Bank, Turkey fell to the 21st place among the 20 largest economies in 2021. The new country that took its place in the top 20 was Iran.
So what does this situation show us? Will we not be able to join the G20 from now on? Although Turkey is no longer among the 20 largest economies in the world, it can still participate in the G20. In fact, last week, Treasury and Finance Minister Nureddin Nebati attended the G20 Finance Ministers and Central Bank Spring Meetings. To understand why we continue to participate in this platform, we need to know what the G20 is.
What is the G20 summit? Which countries can participate?
G20 summit, The name given to the platform, which was held with the participation of 20 Finance Ministers and Central Bank Governor Group. The world’s 20 largest economies are not directly included in the G20. In fact, although it is among the 20 largest economies in the world, there are some countries that are not in the G20; Although not in the top 20, there are also countries in the G20. We can also say that 20 countries are not included in this summit. In addition to 19 countries, there is the European Union Commission.
The G20 was established in 1999, after the Asian Crisis in 1997, in order for countries to work much more effectively while gaining global economic stays. The countries in the G20 are as follows:
“Germany, USA, Argentina, Australia, Brazil, China, Indonesia, France, South Africa, South Korea, India, England, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, Turkey and European Union Commission.”
Where does the name G20 come from? How is Turkey still in the G20?
The reason for this confusion is actually due to the information pollution and misunderstandings circulating around. The “G” in the G20’s name does not come from a developed country. The meaning of G here comes from the English word “Group”. This word, which is translated into Turkish as “Group”, will be the answer to many questions that puzzled people at first. When we look at the expansion of the G20, the name “Group of 20” welcomes us. “20s Group” into Turkish This name, which is translated as, shows us that the summit is not only shaped by the country’s economy.
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How was the G20 formed?
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As a result of the meetings held by the G7 countries in 1997 and 1998 on the crises of the Far East, Russian Federation and Brazil, a new system consisting of important countries in terms of the system was established in 1999. It was decided to establish a solidarity platform and the G20, which consists of important countries for the global system, was officially announced at the G8 meeting on September 25, 1999. When the G20 was first established, it was not a platform for permanent heads of state to come together. G20, which took place with the participation of finance ministers and central bank governors in its first years, has turned into a platform at the level of the President in certain periods since November 2008.
Today, we explained to you how Turkey remained in the G20 despite falling out of the world’s 20 largest economies and falling to 21st place. If you want more content like this, you can reach us in the comments section.
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