It is possible to come across content that Turkey leaves the G20 on social media platforms, columns and news sites. In terms of economic size, Turkey’s decline from 20th place to 21st place in 2021 brought this rumor to public discussion. Previously, Turkey’s decline in world economic size was referred to by many columnists as the “threat of expulsion from the G20”.
What is the G20?
The G20 (Group of Twenty) is an intergovernmental forum made up of 19 countries and the European Union. This forum was created at the initiative of the G7 in 1999 to coordinate the resolution of emerging problems in the global economy. Although the G20 started as meetings attended by economy ministers and central bank governors, over time it turned into large summits attended by heads of state. Germany, United States, Argentina, Australia, United Kingdom, Brazil, China, Indonesia, France, South Africa, South Korea, India, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia and European Union Commission.
While the G20 accounts for about 85 percent of the world, it is resurgent from 75 percent of the world. The global citizen of G20 countries is equivalent to two. All 19 countries are included in the 31 largest economies; Some countries, such as Spain and Switzerland, which are only included in the big 20 economies, are not members of the G20. South Africa and Argentina, which are among the G20 members, are not included in the 20 largest economies. It’s also not small without being cheap for the G20 in 1999.
Therefore, the G20 is the largest of a country with the 20 largest countries in the world, and it is unlikely that Turkey will come out of this platform any longer among the top 20 economies.
How Are The Top 20 Economies Determined?
Gross Domestic Product (GDP) is used to measure the economic size of countries. GDP is measured by adding up all the final products produced in a given time period at the market prices of that year, and GDP per capita is calculated by dividing the result by the country’s population. It is possible to see the 20 largest economies from the data of institutions such as the International Monetary Fund (IMF) and the World Bank (WB), which compile the GDP calculations of each country. According to IMF data, Turkey fell to 21st place among the top 20 economies in 2021. Saudi Arabia, which was not in the top 20 in 2020, was included in the list of the 20 largest economies in 2021.
According to IMF data, Turkey was in the 21st place in 1980 with a GDP size of 97 billion dollars. Although Turkey fell to the 24th rank in 1995 as a result of the economic crises in the 1990s, it was still in the 21st rank in 2000. Looking at the 5-year processes, while Turkey was in the 17th rank in 2005 and 2010, it rose one step to the 16th rank in 2015. Falling in the 20th place in 2020, Turkey ranked 21st in 2021. In addition to these data, the IMF also adds GDP estimates for national economies to the data set. According to IMF forecasts, Turkey will rank 23rd in 2022 and 2023, 22nd in 2024, 2025 and 2026, and 19th in 2027 in terms of economic size.