G20 Countries: A Look Into Their Economic And Social Statuses

As the world’s largest economies, the G20 countries wield a lot of power. But what are the G20 countries? And how do their economic and social statuses compare to one another? In this blog post, we will take a look at the G20 countries and explore their economic and social statuses. From GDP to life expectancy, we will see how these countries stack up against one another.

Overview of the G20

The G20 is a group of the world’s largest economies that meet annually to discuss global economic and financial issues. The members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States – representing 85% of the world’s GDP.

The G20 was established in 1999 as a response to the Asian financial crisis and its first meeting was in 2008. Since then it has become an important forum for international economic cooperation. The G20 has helped to coordinate global economic policy in response to the global financial crisis and other challenges.

In recent years the G20 has focused on issues such as tax evasion and money laundering; climate change; energy security; food security; development; employment; migration; and global health pandemics.

The United States

-The United States has the largest economy in the world, with a GDP of $17.4 trillion as of 2018. The United States is also the world’s largest importer and second-largest exporter.

-The United States has a highly developed social welfare system, which provides health care, retirement benefits, and other social services to its citizens. The United States also has a highly educated workforce, with over half of its population holding a college degree.

-However, the United States also faces some economic and social challenges. These include high levels of income inequality, poverty, and crime.

China

The People’s Republic of China has the world’s largest population, at over 1.386 billion people. It is also the world’s second-largest economy, with a GDP of $15.42 trillion in 2020. The country has a mixed economic system and is largely capitalist, with state-owned enterprises accounting for a significant share of the economy. China is a member of the G20 and WTO, and has been described as a “potential superpower”.

China’s social status is complex. The country faces significant challenges in terms of poverty, inequality, and environmental degradation. However, it has made progress in recent years in reducing poverty and increasing access to education and health care. China also ranks highly in measures of social cohesion and trust.

Japan

1. Japan is a country located in East Asia with a population of over 127 million people. The official language of Japan is Japanese and the currency is the Japanese Yen (JPY).

The economy of Japan is the third largest in the world by nominal GDP and the fourth largest by purchasing power parity (PPP). GDP per capita was estimated to be $38,490 in 2016. According to the International Monetary Fund, gross national debt in Japan was 226% of GDP in 2015.

As of 2016, the social status of Japan was very high. The life expectancy at birth for Japanese citizens was 84 years and the infant mortality rate was 2.3 deaths per 1,000 live births. In addition, 95% of the population had access to improved sanitation facilities and 99% had access to improved drinking water sources.

Germany

Germany, a Central European country, has the largest national economy in Europe and is the fourth-largest by nominal GDP in the world. The service sector contributes around 71% of the total GDP, industry 29%, and agriculture 1%. Germany is also rich in natural resources, with coal, iron ore, potash, timber, lignite, uranium, and other minerals.

The country has a social market economy characterized by a highly skilled labor force, a large capital stock, a low level of corruption, and a high level of innovation. Germany is part of the European single market which represents more than 508 million consumers. Several domestic commercial policies are determined by agreements among European Union (EU) members and by EU legislation.

Germany is famous for its automobile industry and it is home to many major global brands such as Mercedes-Benz, BMW, Porsche, Audi, Volkswagen Group. Other important German industries include machinery, chemicals and electronics.

The unemployment rate in Germany was 3.5% in 2019 which is relatively low when compared to other developed countries. The average annual salary in Germany is $44k which gives the citizens a good standard of living.

The poverty rate in Germany was 11% in 2018 which is lower than the EU average of 17%. However, there is still room for improvement as there are 4 million people living below the poverty line in Germany. About 21% of Germans live in relative poverty after social transfers (such as pensions and benefits).

India

India is a country located in southern Asia. With over 1.3 billion people, it is the second most populous country in the world after China. India has an area of 3,287,263 square kilometers (1,269,219 square miles). India’s economy is the seventh largest in the world with a GDP of $2.6 trillion as of 2018. The service sector makes up 53.9% of India’s GDP, followed by the industrial sector at 28.6% and agriculture at 17.5%. India is one of the founding members of the World Trade Organization and is also a member of the G20, BRICS, and SCO. In terms of human development, India ranks 131st out of 188 countries on the Human Development Index (HDI) with a score of 0.647 as of 2017. India’s life expectancy at birth is 68 years for males and 70 years for females as of 2016.

Russia

Russia is the largest country in the world, and its economy is the 11th largest in the world. The Russian economy is highly diversified, with agriculture, industry, and services all playing a significant role. However, the country’s reliance on natural resources, particularly oil and gas, makes it vulnerable to global commodity price fluctuations.

Since 2014, Russia’s economy has been in recession due to low oil prices and Western sanctions related to the conflict in Ukraine. However, the Russian economy is expected to rebound in 2017 as oil prices rise and sanctions are lifted.

The poverty rate in Russia has declined significantly since the early 2000s, but still remains relatively high at 14%. Income inequality is also a major issue in Russia, with the top 10% of earners taking home nearly half of all income.

Despite challenges such as poverty and income inequality, Russia has made significant progress in recent years in areas such as education and health care. The life expectancy for Russian citizens has increased by more than five years since 2000, and literacy rates are now above 99%.

Saudi Arabia

Saudi Arabia is the largest country in the Middle East and has the second-largest economy in the Arab world. The kingdom has an estimated population of 32 million, most of whom are Sunni Muslims. Saudi Arabia is a monarchy ruled by the Al Saud family.

The Saudi economy is heavily dependent on oil and gas exports, which account for about 90% of government revenue and 80% of export earnings. The country also has significant reserves of gold, silver, and other minerals.

The unemployment rate in Saudi Arabia was 5.7% in 2019, down from 6.1% in 2018. The poverty rate stood at 12.8% in 2018, down from 13.3% in 2017.

In terms of social indicators, Saudi Arabia ranks poorly compared to other countries in the region. For example, the literacy rate for adults aged 15 and above was only 83% in 2018. Moreover, the country ranks poorly on gender equality indices; for instance, it was ranked 141st out of 149 countries on the 2019 Gender Inequality Index released by the United Nations Development Programme (UNDP).

Brazil

Brazil is the fifth largest country in the world, both by geographical area and by population. It is the largest country in South America, and has the ninth largest economy in the world. Brazil has a mixed economy, which is based on both private enterprise and public sector involvement. The Brazilian government plays a significant role in the economy, with many state-owned enterprises. However, privatization of some industries has been occurring since the early 1990s.

The social status of Brazil is complex. The country has a large number of inequalities, with a significant divide between rich and poor. However, Brazil also has a large middle class, and its poverty rates have been falling in recent years. There are also significant social disparities between rural and urban areas, as well as between different regions of the country.

South Africa

South Africa is a country located in the southernmost part of Africa. The country has a population of over 55 million people and an area of 1,221,037 square kilometers. The country’s official languages are English, Afrikaans, Zulu, Xhosa, and Swati.

The economy of South Africa is the second largest in Africa after Nigeria and the 33rd largest in the world. The country has a GDP of $384 billion and a per capita GDP of $6,900. The country’s main exports are minerals (gold, platinum, diamonds), fruits and vegetables, wine, wool, and textiles.

The social status of South Africa is complex. The country has a long history of racism and discrimination against its black population. This has led to high levels of poverty and crime in many black communities. However, the country has made significant progress in recent years towards racial equality.

Turkey

Turkey is a middle-income country with an economy based largely on agriculture and tourism. However, it has been experiencing an economic boom in recent years, driven by its growing manufacturing sector. Turkey is also a major transit point for goods and people between Europe and Asia.

Turkey has a young population, with over half of its citizens under the age of 30. This, combined with its strategic location and growing economy, makes Turkey an important player in the region. However, the country faces some challenges, including high levels of poverty and inequality, and a large number of refugees from neighboring countries.

Italy

1. Italy

Italy is a country located in southern Europe. It has a population of over 60 million people and covers an area of 301,340 square kilometers. The official language of Italy is Italian and the currency is the Euro.

The economy of Italy is the 8th largest in the world with a GDP of $2.15 trillion. The main industries in Italy include tourism, agriculture, manufacturing, and fashion. Italy is one of the founding members of the European Union and is a member of the G7 group of industrialized nations.

Italy has a high standards of living with a HDI score of 0.884 which ranks it 25th in the world. The life expectancy in Italy is 82 years and literacy rate is 97%. The crime rate in Italy is relatively low with only 2% of the population being incarcerated.

The social status in Italy is generally good with minor issues such as racism and sexism present. Racism towards immigrants and minorities is an issue that has been increasing in recent years. sexism towards women is also an issue but overall, women have good social standing in Italy.

UK

1. United Kingdom

The United Kingdom is a country located off the northwestern coast of mainland Europe. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the UK with a land border, sharing it with the Republic of Ireland. The UK has a population of over 66 million people, making it the 21st most populous country in the world. The capital city of London is one of the largest cities in both Europe and the world.

The United Kingdom has a market economy which is ranked fifth largest in the world. The UK services sector makes up around 73% of GDP while manufacturing contributes around 19%. The top exports of the UK are cars, machinery, petroleum, and chemicals. The main trading partners of the UK are Germany, France, Belgium, Netherlands, and Ireland.

The social status in the UK is generally high with good health care and education available to most citizens. Income inequality has been on the rise in recent years but is still relatively low compared to other developed countries. There is a strong sense of national identity in the UK with most people feeling proud to be British.

France

1. France

France, like many of the G countries, has a long and complicated history. In general, the country has been quite prosperous, but there have been periods of economic turmoil. In recent years, France has had one of the strongest economies in Europe.

The French economy is highly diversified, with significant sectors in agriculture, manufacturing, tourism, and services. The country is known for its high-quality products and services, and it is a leading exporter of wine and luxury goods.

France has a strong social safety net, which includes universal healthcare and generous unemployment benefits. The country also has a high level of social cohesion, with a strong sense of community and solidarity.

Mexico

1. Mexico

Mexico is a country located in North America and is bordered by the United States to the north and Belize and Guatemala to the south. It has a population of over 120 million people and its capital city is Mexico City. The official language of Mexico is Spanish but there are many indigenous languages spoken throughout the country.

The economy of Mexico is the 11th largest in the world with a GDP of $1.15 trillion USD. The Mexican economy is heavily reliant on trade with the United States, with around 80% of its exports going to its northern neighbor. Other important trading partners include China, Japan, Germany, and Spain.

The social status of Mexico has been improving in recent years but there are still many issues that need to be addressed. Income inequality is a major problem, with nearly half of the population living below the poverty line. Crime rates are also high, particularly in urban areas, and drug-related violence has been a major issue in recent years.

Indonesia

Indonesia is a country located in Southeast Asia. The Indonesian economy is the largest in Southeast Asia and is the 16th largest economy in the world. The GDP per capita was $3,858 in 2017. Indonesia has a population of 261 million people. The poverty rate was 10.6% in 2016.

The Indonesian government has been working to improve the country’s infrastructure and attract foreign investment. In 2017, the government launched an infrastructure program worth $350 billion. The program includes projects such as building new airports, expanding port capacity, and constructing new power plants.

The educational system in Indonesia has improved in recent years. The literacy rate was 96% in 2016. However, the quality of education remains low compared to other countries. In 2018, the government introduced a new national curriculum that focuses on critical thinking and problem-solving skills.

Healthcare in Indonesia is improving but still lags behind other countries in the region. In 2015, life expectancy was 69 years for men and 74 years for women. Infant mortality was 22 per 1,000 live births in 2016.

Indonesia has made progress in reducing corruption but challenges remain. In 2018, Indonesia was ranked 85th out of 180 countries on the Corruption Perceptions Index (CPI). The CPI measures perceptions of public sector corruption around the world

South Korea

1. South Korea

South Korea is a country in the southern part of the Korean Peninsula. It is bordered by the Sea of Japan to the east, and North Korea to the north. South Korea has a population of 51 million people, and its capital and largest city is Seoul. The official language of South Korea is Korean, and the currency is the won.

The economy of South Korea is the 4th largest in Asia and 11th largest in the world. GDP per capita was $27,538 in 2017. The top exports of South Korea are semiconductors, automobiles, ships, steel, and petroleum products. The main trading partners of South Korea are China, United States, Japan, and Hong Kong.

The social status of South Korea is generally high. In the 2018 World Happiness Report, it was ranked as the 26th happiest country in the world out of 156 countries surveyed. In 2017, it was ranked as the 2nd most innovative country in the world by Bloomberg News. However, there are some social issues that need to be addressed such as gender inequality and discrimination against foreign workers.

Australia

Australia, one of the world’s most highly developed countries, has a prosperous Western-style capitalist economy, with a per capita GDP on par with that of the US and UK. The service sector dominates the economy, accounting for around 70% of GDP. Tourism is also a significant contributor to the Australian economy, with the country welcoming over 10 million international visitors every year.

Australia has a strong social safety net and an excellent education system. It ranks highly in various measures of wellbeing, including health, education, economic freedom, and personal safety. However, it also has a high level of income inequality.

The Australian economy has been relatively resilient in recent years, weathering global economic challenges better than many other developed countries. Unemployment remains low (around 5%), and growth is forecast to pick up in 2019 after a slowdown in 2018. Inflation is low and stable, and the country’s public finances are in good shape.

Argentina

Argentina, located in South America, is a country with a population of over 44 million people. The country has a rich history and culture, and is known for its beautiful scenery. Argentina is a upper middle-income country with a GDP per capita of $14,500. The country is diverse, with many different ethnic groups and religions. The government of Argentina is a federal republic, and the capital city is Buenos Aires.

The economy of Argentina is the third largest in Latin America and the second largest in South America. The country is a member of the G-20 major economies. Argentina’s economic growth has been strong in recent years, but the country has struggled with high inflation and currency devaluation. Unemployment remains high, at around 9%.

Argentina has made great strides in reducing poverty and improving social indicators in recent years. However, inequality remains an issue, as the richest 20% of the population control over 50% of the country’s wealth. Poverty rates have declined significantly since 2001, but about one-fifth of Argentines still live below the poverty line.

Canada

Canada is a country in North America that is made up of ten provinces and three territories. It has a population of over 35 million people and its capital city is Ottawa. Canada is a developed country and has the ninth largest economy in the world. It is a member of the United Nations, the G8, and the G20. The country is known for its natural resources, including oil, gas, forests, and minerals. It also has a large agriculture industry. Canada is a federal constitutional monarchy with Queen Elizabeth II as its head of state.

The Canadian economy is strong and diversified. Its main exports are petroleum, vehicles, chemicals, forestry products, agriculture, and metals. The country also has a large tourism industry. Canadians enjoy a high standard of living and have access to universal health care and free education.

There are some social issues in Canada, such as poverty and crime. However, the government is working to address these problems. Overall, Canada is a safe and welcoming place to live.

EU

The European Union is a unique economic and political partnership between 27 European countries. The EU was created in the aftermath of World War II as a way to foster economic cooperation and prevent future conflict. The original members were Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.

Since then, the EU has grown to encompass an area of more than 4 million square kilometers and a population of over 500 million people. The EU has its own currency, the euro, which is used by 19 of its member states. The EU also has its own parliament and court system.

Despite these impressive achievements, the EU faces significant challenges. Most notably, the eurozone debt crisis has put strain on the Eurozone countries and raised questions about the viability of the single currency. In addition, there are large disparities in wealth and living standards between different member states.