Chart of the Day: African Union likely to join G20 at 2023 summit
The African Union (AU) is likely to become a member of the Group of 20 (G20) major economies at this year's summit in India's capital New Delhi, which will start on Saturday with the theme "One Earth, One Family, One Future."
China has already expressed its support for the AU to join the G20 even earlier at the 2022 summit in Bali, Indonesia. Should it happen, it will be the first-ever enlargement since the group's inception in 1999.
Comprising 19 countries and the EU, the G20 is a premier forum for international economic cooperation among the world's major developed and developing economies, representing around 85 percent of the global GDP, over 75 percent of the global trade and about two-thirds of the world population.
The AU consists of 55 member states, which represent all the countries on the African continent, and has about 18 percent of the world population and 20 percent of global land area. It has been an active member of the UN, where it has 54 member states.
Africa has vital resources to address energy challenges abroad, and it is also a major supplier of critical raw minerals globally. It has 25 percent of global natural biodiversity, 30 percent of global mineral resources and 45 percent of global renewable energy potential.
The continent remains resilient amidst multiple shocks with average growth projected to stabilize at 4.1 percent in 2023-2024, higher than 3.8 percent in 2022. The 3.8 percent growth in 2022 was above the global average of 3.4 percent.