Saudi Arabia hosts G20 financial leaders meet

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News:Recently,the finance ministers from the G20 countries participated in the financial leaders meeting in Riyadh,Saudi Arabia ahead of the G20 summit in November,2020.

Facts:

About G20:

  • G20 is an international group initially founded in 1999 after the Asian financial crisis as a forum for finance ministers and central bank governors of 19 countries and the European Union.
  • It has no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.

About G20 Summit,2020:

  • Saudi Arabia will be the first Arab nation to hold the G20 presidency in its capital,Riyadh.
  • The theme of Summit- “Realising Opportunities of the 21st Century for All”.

Key takeaways from the G20 financial leaders meet:

  • Global economic growth remains slow due to geopolitical, trade tensions, and policy uncertainty.However, it is expected to improve in 2020 and 2021 due to loose monetary policy and an easing of trade tension.
  • The countries have projected a V-shaped, rapid recovery for the global economy.But it has warned about the uncertainty around the spread of the coronavirus, rising debt levels and climate change.
  • Further, India has also demanded closer collaboration between international revenue agencies to investigate tax details of offenders who cross borders to escape tax investigation.

Additional information:

About V-Shaped Recovery:

  • A V-shaped recovery is characterized by a sharp economic decline followed by a quick and sustained recovery.The recession of 1953 is an example of a V-shaped recovery.