What is Expected from the G-20?

The leaders of the world’s 20 largest economies (G20) will meet in the tourist resort of Antalya in Turkey for two days, starting on Sunday, to discuss economic and fiscal cooperation, the migrant crisis and climate change.

What is the G20?

According to abbreviationfinder, the G20 is short for the Group of 20, an international forum for the governments and central bank governors of the world’s 20 largest economies.

It includes 19 countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States. The 20th member is the European Union, represented by the European Commission and the European Central Bank.

Two-thirds of the world’s population lives in the G20 countries, and their economy accounts for 85 percent of the world economy and 75 percent of international trade.

Who will attend the meeting?

US President Barack Obama, Russian President Vladimir Putin, British Prime Minister David Cameron, German Chancellor Angela Merkel, French President Fran├žois Hollande and Chinese President Xi Jinping, along with many other world leaders, are expected to attend.

The leaders of Spain, Azerbaijan, Malaysia, Senegal, Singapore and Zimbabwe will also attend the summit at the invitation of Turkey, even though they are not members of the G20.

Why Turkey?

Turkey officially took over the G20 presidency from Australia on December 1, 2014, and China will chair the organization in 2016.

Issues to be discussed

The global economy, the worst migrant crisis since World War II and climate change are expected to dominate the meeting.

Global Economy

Some of the developing economies are facing great difficulties.

Andrew Kenningham, a consultant with Capital Economics in London, said that Russia is suffering more than developing economies.

Russia’s economy “has contracted by maybe 5 percent this year,” he says. It has been affected by falling oil prices and sanctions imposed by Western countries after Russia annexed Crimea from Ukraine. Poor governance is another factor.

“This has made Russia extremely difficult for businesses operating there,” says Mr Kenningham.

The G20 summit will also focus on China. Official economic growth in China has slowed to less than 7 percent. This caused a sell-off in the stock market and drove down oil prices. But Mr Kenningham says the fears are overblown.

China said this week it wants the G20 to reform voting rights at the International Monetary Fund. China says it wants a bigger role. The IMF is an organization of 188 countries that aims to promote the growth of the global economy and international trade.

The immigrant crisis

Ahead of the G20 summit, European Union leaders gathered on Thursday for an informal meeting in the Maltese capital, Valletta, to discuss the migrant crisis, which has seen more than half a million refugees enter EU countries since from the beginning of the year. This influx has put at risk the Schengen agreement for open borders between European countries.

Discussions are expected to continue in Turkey as European leaders ask the world to help tackle the problem.

Migrants, mainly from war-torn Syria, Iraq and impoverished sub-Saharan Africa, enter the European Union mainly through Greece and Italy after crossing the Mediterranean by boat from Turkey and North Africa. Many of them have lost their lives in this journey.

Earlier this month, the president of the European Council, Donald Tusk, and the head of the European Commission, Jean-Claude Juncker, said that “the G20 must meet the challenge and provide a coordinated and innovative response to it, recognizing its global nature and economic consequences and creating greater international solidarity in refugee protection”.

Climate change

G20 countries spend almost four times more on oil extraction than they do subsidizing renewable energy, calling into question their commitment to halting climate change, according to a British think tank. (Overseas Development Institute).

The institute says the G20 spent an average of $78 billion on national subsidies through direct spending and tax relief in 2013 and 2014.

Another 286 billion dollars have been invested in the state-owned enterprises of the G20 countries that deal with oil production.

Meanwhile, renewable energy subsidies in 2013, according to the International Energy Agency, were $21 billion.

Olivia Gippner at the London School of Economics, says that climate change will be at the top of the G20 agenda, “especially as the Paris conference approaches in December and this is one of the last meetings where the economies of major and major actors in the field of climate change will come together. ”

What is Expected from the G-20