Rio de Janeiro to host G20 summit in 2024

The world’ largest economies grouped in the G20 will hold their annual heads of state or government summit next year in Rio de Janeiro, state Governor Claudio Castro said.

Brazil will take over the rotating presidency of the G20 from India on Dec. 1.

“It’s official,” Castro announced in a Twitter post on Monday night.

The meeting of economic power houses will take place Nov. 18 and 19, a Brazilian government official said. It will be the largest event in Rio since the city hosted the Olympic Games in 2016 and the World Cup soccer final in 2014.

The G20 represents around 85% of the global GDP, over 75% of global trade and about two-thirds of the world’s population.

The G20 was started two decades ago to include important emerging economies in discussions that had been confined to the Group of Seven industrialized economies.

After the financial crisis of 2007–2008, the G20 declared itself the primary venue for international economic and financial cooperation, holding summits of its finance minister and central bank governors.

The group is formed by Argentina, Australia, Brazil,

Canada, China, France, Germany, India, Indonesia, Italy,

Japan, Republic of Korea, Mexico, Russia, Saudi Arabia,

South Africa, Turkey, Britain, United States and the European Union.