Table of Contents
WHAT IS THE G7? … ITS PURPOSE AND HISTORY OF INFLUENCE
GROUP OF SEVEN
NOTES
- The G7 or the Group of Seven is a group of the seven most advanced economies as per the International Monetary Fund (IMF).
- These countries, with the seven largest IMF-described advanced economies in the world represent 58% of the global net wealth ($317 trillion).
- The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
WHY WAS THE G7 CREATED?
- The G7 was created on France’s initiative during the crisis following the first oil crisis(1973). It was conceived as an informal forum for dialogue between the leading economic powers, with the primary aim of acting as a forum to coordinate economic and financial policies free of any specific protocol.
- Over the years, the G7’s multilateral dimension has helped established a collective framework for better regulation of globalization.
SUMMITS
44TH G7 SUMMIT
- The 44th G7 summit was held on 8–9 June 2018, in La Malbaie, Quebec, Canada.
NOTES
- The summit received much attention due to a significant decline of relations of members with the United States.
- As a result, the summit was dubbed the “G6+1” by France and some members of the media, signifying the “isolation of the United States” in light of recent events.
OUTREACH SESSION OF THE G7 SUMMIT (2018)
45TH G7 SUMMIT
- The 45th G7 summit will be held on August 25–27, 2019, in Biarritz, Nouvelle-Aquitaine, France.
CAN INDIA BECOME A MEMBER?
- On Jun. 26, 2002, at a summit in Kananaskis, Alta., thenCanadian prime minister Jean Chretien made it official. The alliance of advanced industrialized democracies previously known as the “Group of Seven”—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—would be admitting its eighth member: the Russian Federation.
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