Everyone knew that the Presidency of G20 was held by India this year. That means, all the summits and forums among the top 20 countries of the world, had been hosted by India. The main summit had been held on the 9th and 10th September in new Delhi’s Pragati Maidan. Which had been attended by the heads of stated of the world, i. e. , presidents and prime ministers. But one question that might be bothering you is; What is G20? Why does this group exist? What was the purpose behind creating it? Why do these countries meet at different places every year? Let’s understand it.
Before understanding G20, we need to understand G7. Because G7 was formed before G20. It all began in the early 1970s. The economic condition of the world was worsening. There were many reasons behind it. But the biggest reason was the oil crisis of 1973. This crisis started when the Arab countries imposed an oil embargo.
They stopped selling oil to those countries that were supporting Israel. Mostly, the Western countries like America and Europe. These Western countries relied heavily on oil coming from the Middle East and because of this, these countries witnessed a heavy economic recession.
