Ikrami Abdullah from Riyadh
Saudi Arabia has maintained the 16th place among the G20 economies in terms of gross domestic product at current prices for the year 2019, achieving an output of $ 793 billion (2.97 trillion riyals), which is the same 2018 ranking, while its ranking was 17th in 2017. Reflects the progress of the ranking.
He excluded the "European Union" from the arrangement because it represents 28 countries, and therefore it cannot be compared to the economy of one country, in addition to not duplicating the GDP of the EU countries that are on the list "Germany, France, and Italy".
The G20, whose leaders' summit is supposed to be held in the Saudi capital Riyadh on November 21 and 22, consists of 19 countries in addition to the Presidency of the European Union, bringing the number of members to 20, and the member states are the United States, China, Japan, Saudi Arabia, and Korea. South Africa, Argentina, Australia, Brazil, Canada, the United Kingdom, France, Germany, Italy, India, Indonesia, Mexico, Russia, South Africa, and Turkey, with the participation of the International Monetary Fund and the World Bank.
According to the analysis of the unit of reports in Al-Eqtisadiah newspaper, based on the data of the International Monetary Fund and the local statistical authorities of the countries, the total GDP of the G20 countries "excluding the European Union bloc" is about $ 67.9 trillion in 2019, representing more than 78.4 per cent. Percent of the global economy, whose GDP reached 86.6 trillion dollars in the same year.
According to the analysis, the 15 countries of the G20 have a GDP of more than one trillion dollars each, while four countries are less than a trillion.
The United States tops the ranking of the group's economies with a GDP of 21.44 trillion riyals, equivalent to 24.8 percent of the global GDP, and then China with 14.14 trillion dollars (16.3 percent).
Third, Japan comes with a GDP of $ 5.15 trillion in 2019, equivalent to 5.9 percent of the total, followed by Germany, fourth, with $ 3.86 trillion (4.5 percent), then India, fifth, with $ 2.94 trillion (3.4 percent).
The United Kingdom ranked sixth, with a gross domestic product of $ 2.74 trillion in 2019, equivalent to 3.2 percent of the total, then France, seventh, with $ 2.71 trillion (3.1 percent), and Italy with $ 1.99 trillion (2.3 percent). The eighth rank.
Ninth, Brazil has a GDP of 1.85 trillion dollars in 2019, equivalent to 2.1 percent of the total, and then Canada tenth with 1.73 trillion dollars (2 percent).
Russia and South Korea came with an output of 1.7 and 1.63 trillion dollars respectively (1.9 percent) each, booking the 11th and 12th ranks, then Australia behind them to the 13th rank with 1.38 trillion dollars (1.6 percent), and Mexico the 14th with 1.27 trillion. $ 1.5%.
Indonesia was ranked 15th, with a GDP of $ 1.11 trillion in 2019, equivalent to 1.3 percent of the total, and then Saudi Arabia, the 16th, with a GDP of $ 793 billion (0.9 percent).
In the 17th place, Turkey comes with a GDP of 744 billion dollars in 2019, equivalent to 0.86 percent of the total, followed by Argentina with a GDP of 445 billion dollars (0.5 percent), and finally South Africa with 359 billion dollars (0.4 percent).
The G20 is a forum that brings together a group of developed countries and the largest developing and emerging countries in the world.
The G20 was established on September 25, 1999, on the sidelines of the G8 summit in Washington, and its creation came as a response to the financial crises that occurred at the end of the 1990s, especially the financial crisis in Southeast Asia and the Mexican crisis.
The group's summits were being held at the level of finance ministers and central bank governors to hold high-level discussions on economic and financial issues.
In the aftermath of the 2008 financial crisis, the group was upgraded to include member state leaders.
The first G20 Leaders' Summit was held in Washington in November 2008. As a result, the G20 agenda was broadened beyond economic and financial issues and includes social, economic, and development issues.
The G20 members are distributed geographically as follows: the Asian continent is represented by China, India, Indonesia, Japan, South Korea, and Saudi Arabia. As for Africa, it is modestly represented in South Africa only, while South America is represented by Argentina and Brazil.
Europe is represented by four countries of the European Union and represents itself, namely Britain, France, Italy, and Germany, in addition to Russia and Turkey. North America is represented by America, Canada, and Mexico, and Australia is represented by Australia.
The G20 countries are divided according to the following groupings: three countries from the North American Free Trade Agreement (NAFTA), two countries from the Common Market, four countries from the European Union (which at the same time represent their own countries), and three member states of the Organization of the Islamic Conference.
The G20 aims to strengthen and develop the global economy, in addition to reforming international financial institutions and improving the financial system. It also focuses on supporting global economic growth, developing job opportunities mechanisms, and activating open trade initiatives.
The group also aims to bring together the economic systems of developing countries and industrialized countries, which are important and organized to discuss the main issues related to the global economy.
The creation of the group was against the backdrop of the financial crises of the late 1990s and the growing realization that the major prominent market countries did not have a sufficient share of participation in the center of discussions and leadership of the global economy.
Prior to the establishment of the G20, there were similar groups supporting the means of dialogue and analysis that were established as the Group of Seven, and there is a Group of 22 that held a meeting in Washington in April and October 1998, and its goal was to include countries that were not participating in the G7 based on the global perspective on the crisis Finance and then influence the prominent market nations.
Two successive meetings with a larger number of participants (Group of 33) were held in March and April 1999, and the reform processes of the global economy and the global financial system were the subjects of discussion.
The proposals resulting from the Group 22 and Group 33 meetings aimed at reducing the vulnerability of the global system to crises showed the potential benefits of such organized international consultative forums that include prominent market countries.
This type of structured fixed-member dialogue was established with the creation of the G20 in 1999.
The G20 is characterized as an informal forum that supports constructive and open discussions among the prominent market and industrialized nations on fundamental issues related to global economic stability.
Through its contribution to strengthening the global financial architecture and providing opportunities for dialogue on the country's domestic policies and international cooperation between them and on international financial institutions, the G20 supports the growth and economic development movement around the world.
Economic Reports Unit