The first G-20 economic summit took place in Washington, D.C., amid a backdrop of escalating financial turmoil affecting economies worldwide. Convened on November 14, 2008, the summit was called to address the unprecedented global financial crisis that had intensified following the collapse of Lehman Brothers in September, leading to significant instability in financial markets. The G-20 group, consisting of major advanced and emerging economies, represented around 85% of the world's GDP, making this summit a critical point in global economic governance. President George W. Bush played a pivotal role in facilitating this gathering, inviting leaders from 19 countries and the European Union to engage in dialogue and problem-solving.Leaders convened at the summit to discuss coordinated actions to restore economic stability and confidence. The agenda included discussions on financial regulation, trade, and measures to protect jobs and stimulate growth in light of the recession impacting several countries. Notable attendees included German Chancellor Angela Merkel, French President Nicolas Sarkozy, and other global economic leaders. The summit culminated in a commitment to undertake necessary reforms designed to improve financial institutions' transparency and ensure future protections against financial crises. This summit was also significant as it represented a shift from the G-8's traditional approach, expanding discussions to include emerging economies, thus broadening the scope of global economic governance.The outcomes of the G-20 summit led to the establishment of continuous coordination among member countries, with subsequent summits aiming to maintain stability and economic recovery. The collaboration initiated during this summit laid the groundwork for future G-20 meetings and agreements, underscoring the need for a collective approach to global economic challenges, reflecting the interconnected nature of today's economies.