In 1998, Russia was also included in this group. G7 became G8. But in 2014, when Russia invaded Crimea, Russia was expelled from this group. For this reason, this group is still G7. Now, if we come to G20, it was also started due to the economic crisis. The Asian financial crisis of 1997. There was a huge financial crisis in South Korea, Indonesia, and Thailand.
This crisis was so big that it affected Hong Kong, Laos, Malaysia, the Philippines and to some extent China, Japan, Singapore, Taiwan and Vietnam. The value of the currency started to fall rapidly in these countries, unemployment started to rise and riots were also seen.
In the next year, in 1998, Russia also faced a financial crisis. This was the reason that Russia was included in G7 at this time. But other members of G7 also realized that the world is becoming more interconnected with time. Globalization was so prominent that if there were problems in one country, its effects were felt by other countries too. And so, if we want to bring economic stability to the world and stop heavy recessions, we will have to sit with the emerging economies of the world to make action plans.
So, on 26th September 1999, during the meeting of the finance ministers of G7, the G20 group was established.
