Will Turkey bid adieu to the G20?

I never thought I would ever feel the need to write something of this sort. However, following the recent fluctuations in Turkey’s exchange rate, I figured it wouldn’t hurt to set the record straight from a technical perspective after comments were made in financial circles, including by those with fancy academic titles, to the effect that "Turkey will be removed from the G20."

The G20 (Group of 20) is a platform that was established in 1999 at the level of finance ministers and Central Bank governors to establish a more efficacious structure in global economic decision-making processes after the Asian Crisis in 1997 and to make communication between countries more efficient and continuous on economic issues. Heads of state were later included in the G20 meetings. 

Moreover, the G20 does not have a secretariat. It does not have an administrative mechanism to monitor whether the decisions taken are implemented or not. Each year, one G20 member country hosts the meetings.

The countries that make up the G20, the Group of 20, are as follows: The United States, Germany, Argentina, Australia, England, Brazil, China, Indonesia, France, South Africa, South Korea, India, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, Turkey, and the European Union.

According to the 2020 figures of the International Monetary Fund (IMF), the top 20 economies based on Nominal Gross Domestic figures are as follows: United States, China, Japan, Germany, England, India, France, Italy, Canada, South Korea, Russia, Brazil, Australia, Spain, Indonesia, Mexico, the Netherlands, Switzerland, Saudi Arabia, and Turkey.

As you compare the two lists of countries above, something will catch your eye. That is, some countries are not included in the G20 list even though they are among the top 20 economies. For example, Spain, the Netherlands, and Switzerland, which are among the top 20 economies, are not included in the G20. Conversely, Argentina and South Africa, which are not among the top 20 economies, are in the G20.

Because the G20, the "Group of 20," is not just comprised of the top 20 economies in the world. Therefore, any recorded growth in the economy of any given country will not result in the inclusion of said country in the G20, and neither will any state exit the G20 due to any economic contraction.

I'll never forget how, prior to the G20 Antalya Summit hosted by Turkey in 2015, an economics professor penned an article in a mainstream newspaper titled "The Antalya G20 Summit may be canceled because Turkey's GDP is decreasing," while certain international relations professors even discussed this issue on screen! Anyway, let there be no doubt about it: Turkey is not leaving the G20!