Difference Between G8 And G20 | G8 Vs G20

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Difference between G8 and G20 Tweet

Key Difference: G8 stands for Group of Eight. The eight groups are the most economically powerful democracies in the world. On the other hand, G20 stands for Group of Twenty. The twenty groups are the major economies consisting of finance ministers and central bank governors.

G8 is older, which came into existence in 1997. These are the groups that are the powerful economic democracies in the world. It brought together the eight countries: France, Germany, Italy, Japan, UK, US, Canada and Russia. Before G8, in 1975, G6 was in existence leaving Canada and Russia, then in 1976 Canada joined. Finally, Russia joined the group in 1997 making it G8.

G20 or Group of Twenty has recently come into existence that has a direct outgrowth of the evolving effort of the G8 to bring other major economic nations into the process. In November 2008, the first meeting of the G20 was held in Washington, D.C. Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, US and the European Union are the twenty member nations who all are included in G20.

G20 has basically grew out of the G8 in an attempt to provide an expanded forum.

Comparison between G8 and G20:

G8	G20
Description	The eight groups are the most economically powerful democracies in the world.	The twenty groups are the major economies consisting of finance ministers and central bank governors.
Short for	Group of eight	Group of 20
Established	1997	2008
Members included	France Germany Italy Japan UK US Canada Russia	Argentina Australia Brazil Britain Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Korea Turkey US The European Union
Discuss	The nations of the world with the group holding considerable clout discuss the matters of international importance in its summits.	G20 nations hold summits to discuss international condition.
Meetings held	Once a year	Twice a year

Image Courtesy: webcache.googleusercontent.com, app.griffith.edu.au

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David

Thu, 08/07/2014 - 22:24

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