The G7/8 group, composed of the world's richest countries, has failed to satisfy in terms of solving the problems these countries have experienced, global economic growth and the comprehensiveness of this growth. Therefore, the idea that the countries in the global economic system could solve the problems created G-20.
The G20 Summit continued on the level of ministers from 1999-2008; however, after the 2008 crisis, participation switched to the level of leaders.
Although the Summit has a different theme every year, the most important theme since 2008 has been to liven up the global economy. The theme has generally been “an innovative, livened, interrelating and inclusive world economy”, just as it is this year in China's Hangzhou.
Meaning, discussions are mainly on strengthening the relations of the G20 countries in terms of finding new driving powers to liven up the economies, especially on a global scale.
Despite not being of any importance till quite recently, the developing income of poor and developing countries has just recently made it on to the agenda of the G20 countries, and that is in terms of how these developing countries will make use of this developing revenue. Which means, although obligatory, these developed countries are now in search.
Even this 'search' is enough to suggest that the developed countries are in deadlock, and the developing countries have started to increase their power in the G20, as they have already started to dominate the agenda of the Summit.
Doesn't the G20 Summit Family Portrait suggest that the balance of power in the world economy is slipping towards the developing countries?
The pioneers of the G20 are now the developing countries
The economic growth problems the developed countries have encountered since the 2008 global economic crisis still continue today. Despite the expansionary fiscal policies which countries like the U.S., Japan and England use, they still haven't managed to achieve the desired economic growth rate.
While developed countries face problems during economic growth, developing countries continue to achieve economic growth despite the hard conditions they may be facing.
İn the first quarter of 2015, India achieved the greatest economic growth rate, followed by China who achieved a growth rate of 6.9 percent. China was followed by Indonesia and Turkey.
On the other hand, the silk-road project and the other projects related within this context, including the great energy projects continuing between Russia and Turkey and the cooperation increasing between Turkey and China, gives us indications of the new center for economy and trade.
Thus, the developed countries who only thought about their own economies and ignored the rest and discriminated against these developing countries with their discriminative policies, now have to look at the world from a different view point.
As the Chinese President Xi Jinping said during the Summit, “All countries have to stop working on their own backyards and instead adapt a win-win principle and thus found a garden for the whole world.”
Energy is on Turkey and the G20's agenda
The energy issue was in the foreground during the meetings of President Erdogan, President Putin and President Xi Jinping.
After President Erdogan and Putin met in St. Petersburg for the first time following the plane incident, the Turkish AKIM and the Akkuyu Nuclear Plant discussions need to gather speed and thus the existing issues need to be solved from here on in.
On the other hand, cooperation on the memorandum of understanding signed between Turkey and China, the nuclear energy, renewable energy and coal sources issues have sped up.
Most importantly, nuclear projects are gathering pace with the Akkuyu Nuclear Plant, the nuclear plant in Sinop which Japan has sought and the third nuclear plant signed with China. It seems that Turkey's dreams of nuclear plants, which started in the 1960s but were never actualized, can now be brought to life.
As Berat Albayrak, the Energy and Natural Resources Minister, explained during the G20 in Hangzhou, “By realizing these three nuclear projects by the year 2030, ten percent of the 120,000 -150,000 megawatt power that Turkey possesses will be provided by nuclear power. Turkey's external dependence on foreign countries in terms of energy, will decrease with these important projects coming to life, and thus Turkey will become an important power in economy.”