Where and when was the first G20 Summit held?

Question

UnlockIAS · Accepted Answer

Correct — B, Washington D.C. (USA), 2008. The first G20 Leaders' Summit was held in Washington D.C. on 14-15 November 2008, convened at the invitation of US President George W. Bush in response to the global financial crisis that had erupted that year. This elevated the G20 from its original 1999 format — a forum of finance ministers and central bank governors — into a summit of heads of state/government.

Why the other options are wrong — (a) London hosted the SECOND G20 leaders' summit, in April 2009 — not the first, which was held in Washington D.C. a few months earlier.  (c) Paris was not a G20 summit host in 2010; that year's summits were held in Toronto and Seoul.  (d) Seoul did host a G20 summit, but in November 2010 — much later than the first summit.

Concept: The G20 (Group of Twenty) began in 1999 as a forum for finance ministers and central bank governors from major economies to discuss global financial stability after the Asian financial crisis. It was elevated to leaders'-level summits in 2008, when the global financial crisis made head-of-state coordination necessary.

State PCS 2024 Q34 — Current Affairs & Sports PYQ with Answer

State PCS 2024 Q34 — Current Affairs & Sports PYQ with Answer