Okaz newspaper

THE leaders who gathered in Argentina for the G20 summit represented about 85 percent of the world›s total GDP and about 80 percent of the global investments. In fact, they are the decision-makers who frame economic policies and ensure financial stability around the world.

In addition to economic matters, the leaders would discuss parallel issues that are affecting the world of finance such as the role of women and the youth in the domains of economy, health and support of sustainable development.

During its chairmanship of the G20, Argentina focused on the future work, the basic infrastructure, food security and other relevant issues.

The summit is in fact the culmination of a year›s work by the hosts Argentina. More than 5,000 delegates held 84 meetings in 11 cities. They included 14 ministerial meetings, which issued 11 communiqués, and seven sideline talks.

The most spectacular achievements of the G20, which was established in 1999, may be the emergency financing operations during the global financial crisis of 2008 and the reforms of the international and local financial institutions.

This has further enhanced the role of the G20 as a framework to discuss and rectify the global economic situations, ensuring economic stability and avoiding of future crises.

Saudi Arabia, which ranks 16 among the top economies of the world and is playing a pivotal role in stabilizing the world oil market, will host the G20 summit in 2020.

Over a whole year, the Saudi cities will witness hectic economic activity that will contribute to shaping the future of the world economy.

The leaders will witness the features of the new Saudi Arabia, which is being built by the young Crown Prince.