GROUP OF GREAT TWENTY AND STABILITY OF WORLD ECONOMY

The International Journal of Business and Finance Research
ABSTRACT:
The Group of Great Twenty ( G20 ) is a non-official forum supporting the constructive and open discussions between the prominent states of the market and the industrialized states regarding the key issues related to the stability of the world economy in order to reinforce the global financial structure and provide the dialogue opportunities about the internal economic policies of the countries, cooperate between one another and invest the international financial institutions in the service of the world economy. Has this group of states been really able to invest the international financial institutions in the service of the world economy? Does it support the economic growth and development in the various states of the world? Has it achieved transparency in the financial policy, tackled the money laundering and funding terrorism?´-or-does this group endeavor only to achieve its interests even if this achievement is made at the expense of the developing states and the poor states so that the rich get richer and the poor get poorer?
Keywords: Group of Great Twenty, World Economy, Economic Growth, Economic Cooperation, World Financial Crisis.

article title: GROUP OF GREAT TWENTY AND STABILITY OF WORLD ECONOMY
author information: Prof. Moustafa El-Abdallah Alkafry is syrian economist, a professor of economic sciences. He holds the Chair of Economics and Planning at the Damascus University Faculty of economics 1995. Doctor Degree from (Warsaw School of Economics - Szkoł-;-a Gł-;-ó-;-wna Handlowa w Warszawie - SGH) 1980.
He was -dir-ector of Syrian Investment Agency (vice minister) 2002-2008.
Prof. Dr. Moustafa El-Abdallah Alkafry, Faculty of Economics – Damascus University, E-Mail: [email protected]
ABSTRACT,
Objectives:
Keywords: Group of Great Twenty, World Economy, Economic Growth, Economic Cooperation, World Financial Crisis, Stability.
JEL codes:


Contact Information:
(Moustafa El-Abdallah Alkafry)
Faculty of Economics – Damascus University, E-Mail: [email protected], [email protected]
Damascus P O Box 12341
SYRIA

GROUP OF GREAT TWENTY
AND STABILITY OF WORLD ECONOMY
INTREDUCTION:
The Group of Great Twenty ( G20 ) is a non-official forum supporting the constructive and open discussions between the prominent states of the market and the industrialized states regarding the key issues related to the stability of the world economy in order to reinforce the global financial structure and provide the dialogue opportunities about the internal economic policies of the countries, cooperate between one another and invest the international financial institutions in the service of the world economy. The Group of Twenty also endeavors to support the movement of the economic growth and development in all parts of the world. The Group also aims at following the internationally recognized criteria through the example given by the members in such scopes as: transparency of the financial policy, tackling the money laundering and funding terrorism. Has this group of states been really able to invest the international financial institutions in the service of the world economy? Does it support the economic growth and development in the various states of the world? Has it achieved transparency in the financial policy, tackled the money laundering and funding terrorism?´-or-does this group endeavor only to achieve its interests even if this achievement is made at the expense of the developing states and the poor states so that the rich get richer and the poor get poorer?
The Group of Great Twenty (G20) was established on the sidelines of the summit of the Great Eight (G8) held on 25 September 1999 in Washington in the meeting of the ministers of finance of the Group of the Twenty States. The purpose of this new group is to cherish the international financial stability and to create opportunities for dialogue between the industrialized countries and the emerging countries, which the meetings of the ministers of finance with the Group of Seven (G7) could not solve. The Group of Twenty, as an economic group, is consisted of the greatest 20 industrially advanced states in addition to the European -union- (EU). The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85 per cent of global gross domestic product and over 75 per cent of global trade. These states represent most of the states of the world in terms of the economic and strategic importance. The group of the economies of these states account for 90% of the total world product.
(The G20 is an apt model for global cooperation in today’s world. Its response to the global financial crisis is a testament to the impact G20 members can make when working together. The G20 introduced trillions of dollars in fiscal stimulus packages worldwide, which saved´-or-created millions of jobs that would otherwise have been destroyed. It also put in place measures to-limit- the collapse of financial markets and helped maintain consumer and business confidence).
(The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European -union-. Each G20 president invites several guest countries each year).
Endeavoring to cherish the international financial stability cannot be achieved by holding dialogue only between the industrialized countries and emerging countries and neglecting the other countries of the world, in particular the developing countries. Participation of the various countries of the world in this dialogue is a must for the good of all.
(G20 leaders meet annually. In addition, Finance Ministers and Central Bank Governors meet regularly during the year to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation and implement the key economic reforms that are needed in each member economy. Underpinning these meetings is a year-long program of meetings among senior officials and of working groups coordinating policy on specific issues).
Faculty of Economics – Damascus University,

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