It all began in the 1990s, when the world was dealing with the aftermath of the Asian financial crisis. The meltdown prompted the need for a new forum where international economic cooperation would be a key focus. This is when the G20, or Group of Twenty, came into being. Before the G20's inception, the Group of Seven (G7) had been holding their own summits since the 1970s. Fast forward to 1997, the G7 invited Russia to become a part of it and ultimately expanded to become the G8. However, the expansion made it clear that it was necessary to include other big economies. The G20 was officially established in 1999 with an inaugural meeting in the German capital of Berlin. Since then, the summit has been operating on a rotational system annually. Each year, G20 leaders come together to discuss financial stability and economic growth.
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