What is Economy? When you choose whether to buy a pizza, a candy or a toy with your pocket money, that’s Economy! Similarly countries also must decide the best possible way to use their resources and money. A lot of times, countries depend on other nations for some goods and services. No nation has all the things it needs for its people.That is how economies of countries get related to each other. Economies make countries wealthy or poor. Poor economies can lead to problems for everyone living in those countries. Wealthy countries look for ways to increase trade and help poor countries improve their economic condition.
The G-20 is a Group of Twenty nations – 19 countries plus the European Union. These nations are major economies of the world. The participants from each nation are: the leader of the country (president or prime minister), the finance minister and the central bank governor. European Union is represented by the President of the European Council and by the European Central Bank.
The main purpose of G-20 is to bring together developed nations and developing economies together to discuss important issues in global economy.
The 2012 G-20 Summit was held in Los Cabos, Mexico on June 18–19, 2012.