Consider the following statements : 1. The G20 was established in 2008 in the wake of the global financial crisis led by the USA 2. It brings together the major advanced and emerging economies to stabilize the global financial market 3. Indias stand on Mu

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Q: 80 (NDA-I/2011)
Consider the following statements :
1. The G20 was established in 2008 in the wake of the global financial crisis led by the USA
2. It brings together the major advanced and emerging economies to stabilize the global financial market
3. India’s stand on Mutual Assessment Process (MAP) for measuring imbalances between surplus and deficit economies in the Seoul conference of G20 in the year 2010 was firmly endorsed by all the nations
Which of the statements given above is/are correct ?
In which one of the following groups are all the four countries members of G20 ?

question_subject: 

Economics

question_exam: 

NDA-I

stats: 

0,98,180,88,76,98,16

keywords: 

{'g20': [0, 0, 0, 3], 'mutual assessment process': [0, 0, 0, 1], 'global financial crisis': [0, 0, 0, 1], 'deficit economies': [0, 0, 0, 1], 'global financial market': [0, 0, 0, 1], 'seoul conference': [0, 0, 0, 1], 'surplus': [0, 0, 1, 4], 'india': [8, 1, 7, 13], 'economies': [0, 1, 0, 7], 'imbalances': [0, 0, 0, 1], 'map': [0, 7, 2, 0], 'nations': [1, 0, 1, 2]}

The correct answer is option 3, which states that statements 2 and 3 are correct. Let`s analyze each statement:

1. The first statement is incorrect. The G20 was actually established in 1999, not 2008. It was initially created in response to the financial crises of the late 1990s, such as the Asian financial crisis. Although the global financial crisis in 2008 did highlight the importance of the G20, it was not the sole reason for its establishment.

2. The second statement is correct. The G20 does bring together the major advanced and emerging economies to stabilize the global financial market. It serves as a platform for discussing and coordinating economic policies among its member countries.

3. The third statement is correct. India`s stand on the Mutual Assessment Process (MAP) for measuring imbalances between surplus and deficit economies in the Seoul conference of G20 in 2010 was indeed endorsed by all the nations. The MAP is a mechanism used by the G20 to assess and address macroeconomic imbalances.