G-20

Guide to the Global Summit

The G-20 is meeting this week in Pittsburgh, Pennsylvania. Chaired by President Barack Obama, the purpose of the summit is to, “review the progress made since the Washington and London Summits and discuss further actions to assure a sound and sustainable recovery from the global financial and economic crisis.” I’ve heard of the G-8, but the G-20? I began to wonder about this alphanumeric soup of organizations. Who are they and what are they concerned with? The following scorecard should help interested followers of this subject keep track of the major players.

The G-6: Organized in 1975 by the finance ministers of Germany and France who were frustrated with the formality and structure of larger international meetings, the G-6 and subsequent evolutions of this body are strictly informal bodies that meet to discuss economic issues of mutual interest. After the creation of the G-8, the term G-6 is now used to refer to the six most populous members of the European Union. The member countries are: the United States, United Kingdom, France, Germany, Italy, Japan

The G-7: Formed in 1976, this is an informal forum for the finance members of seven big industrial economies to discuss economic issues and seek agreement. Member countries include: Canada, France, Germany, Italy, Japan, United Kingdom, United States. Now also includes the European Union.

The G-8: An evolution of the G-7, membership grew to include Russia. The European Union is a limited member; it cannot host a meeting or hold the presidency of the body. Members are: Canada, France, Germany, Italy, Japan, United Kingdom, United States, Russia. European Union (limited member)

The G-8 plus Five: Recognizing the growing influence of other countries, the original group sometimes broadens their meetings by including the Outreach Five. As with all meetings, other countries are sometimes invited to attend. Members: Canada, France, Germany, Italy, Japan, United Kingdom, United States, Russia. European Union (limited member) Plus: Brazil, China, India, Mexico, South Africa.

The G-20: According to their website, “[t]he G-20 was created as a response both to the financial crises of the late 1990s and a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance.” Where the earlier groups (G-6 through G-8) were organized around the industrialized countries of the world, the G-20 begins to bring emerging economies into the dialog. Their first meeting was in Berlin, Germany. The Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis.

The G-20 is made up of the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, European Central Bank

The G-33: The name for a group of developing countries that coordinates on trade and economic issues. It was created in order to help group countries which were all facing similar problems and give a unified voice to countries that were traditionally excluded from discussions among the industrialized countries. Members: Antigua & Barbuda, Barbados, Belize, Benin, Botswana, China, Côte d’Ivoire, Cuba, Democratic Republic of the Congo, Dominican Republic, El Salvador, Grenada, Guyana, Guatemala, Haiti, Honduras, India, Indonesia, Jamaica, Kenya, Laos, Mauritius, Madagascar, Mongolia, Mozambique, Nicaragua, Nigeria, Pakistan, Panama, Peru, Philippines, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Senegal, South Korea, Sri Lanka, Suriname, Tanzania, Trinidad & Tobago, Turkey, Uganda, Zambia and Zimbabwe.

There are other groups variously labeled as G-8, G-20, G-33, and even N-11 (countries which Goldman Sachs considered in 2005 to have a high potential of becoming the world’s largest economies this century: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam).

One of the best, reliable, sources of information about these groups and their members may be found on the websites of the World Trade Organization and the previously mentioned G-20.

You can Track the ongoing discussions of the Pittsburgh G-20 Summit here. But be prepared for slow page loading. It is a very busy website.

Keywords: G-8, G-6, G-20

The Food Crisis Continued

A rice farmer in Indonesia. Photo: David Snyder for Mercy Corps
A rice farmer in Indonesia. Photo: David Snyder for Mercy Corps

While we all hoped that the worst of the food crisis was over, it looks like food prices are again on the rise — imperiling the health of maybe a billion people.

The credit freeze has left many of the world's farmers unable to secure loans for seeds, fertilizer and equipment. Some farmers are simply not planting crops or resorting to private creditors charging usurious rates of interest.

Even though food prices have declined since their peak in 2008, world grain prices are still 27 percent higher than in 2005, according to the director general of the UN's Food and Agriculture Organization, and are likely to climb.

“It's possible the tally of undernourished people in the world will surpass one billion, from 963 million in 2007, as the full brunt of higher food prices filters through,” the director general, Jacques Diouf, told reporters at a biennial UN food-policy conference in Bangkok.

While some countries are setting aside funds for agricultural investment, many food-policy specialists worry that the money isn't enough to make up for the loss of private-sector credit.

This is why the UN World Food Program is calling on G-20 leaders to commit funding to fight hunger at their meeting in London this week.


Stories We're Watching

Experts See Trouble Ahead for Developed World

The Associated Press - Fri, 09/03/2010 - 10:37
Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook - especially for the United States and much of the industrialized world.

Bidding Farewell to The Congo's 'Mother And Father'

NPR - Fri, 09/03/2010 - 07:05
As a long Congo River barge journey ends, so, too, does a unique glimpse into the heart of a poor but potentially rich nation grappling with conflict. Despite the hardship, the people of the Democratic Republic of the Congo draw great inspiration from the inescapable and mighty river.

Putin Extends Ban on Russian Grain Exports

International Herald Tribune - Thu, 09/02/2010 - 23:01
Prime Minister Vladimir V. Putin announced Thursday that Russia’s ban on grain exports would be extended well into next year because of continued uncertainty over production.

Fears Grow Over Global Food Supply

Financial Times - Fri, 09/03/2010 - 04:22
Wheat prices have risen further in the wake of Russia’s decision to extend its grain export ban by 12 months, raising fears about a return to the food shortages and riots of 2007-08

Gaza Youth Yearn for Normalcy, Haunted by War

NPR - Thu, 09/02/2010 - 13:01
Almost three-quarters of Palestinians in the Gaza Strip are younger than 30. Most have never left the tiny, Hamas-ruled coastal territory, have never met an Israeli, and have never known a time when there wasn't a conflict outside their doorstep.

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