Consider the statements regarding G20:1. The European Union as a whole is a member of the G20. 2. The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy.” 3. The first G20 meeting occurred right after the 2012 Eurozone financial crisis. Which of the above statements is/are correct?

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Quintessence Classes · Accepted Answer

The correct answer is 1,2. Statements 1 and 2 are accurate descriptions of the G20's structure and formal nomenclature, while Statement 3 is historically incorrect.Detailed BreakdownStatement 1 (Correct): The G20 consists of 19 individual countries plus the European Union (EU). Recently, the African Union (AU) was also admitted as a permanent member during the 2023 New Delhi Summit.Statement 2 (Correct): While we commonly call it the "G20 Summit," its formal, official title is the "Summit on Financial Markets and the World Economy."Statement 3 (Incorrect): The first G20 meeting of Finance Ministers and Central Bank Governors took place in 1999 (after the 1997 Asian financial crisis). The first official G20 Leaders' Summit (Heads of State) took place in 2008 in Washington, D.C., in response to the global financial crisis—not 2012.

Answer

1,3

Answer

2,3

Answer

1,2,3

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JKPSC JKAS 2023 Prelims

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