The Group of Seven, which includes the United States, Germany, Japan, the United Kingdom, France, Italy, and Canada, is referred to as the G7 by the aforementioned phrase. The G7 also refers to the European Union.
Nominally, the combined GDP of the G7 countries exceeds 46% of the world total. In terms of purchasing power parity, these nations account for more than 32% of global GDP.
With a total fortune of $317 trillion, this group accounted for more than 60 percent of the world’s net wealth in 2018.
Since its inception in 1973, the G7 has grown from a group of four countries to an international organization that includes the United States, the United Kingdom, Japan, Canada, and Australia.
Global issues such as trade, security, and climate change are addressed by the G7 at least once a year.
For over half a century, the G7 has been successful in launching financial measures to help deeply indebted nations, aiding in the battle against AIDS, and supporting the 2015 Paris Climate Change Accord’s implementation.
Since joining the Financial Stability Forum earlier this year, the G7 has also participated in discussions.
Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are all members of the G7. All seven of these countries are among the wealthiest in the world, and five of them are in the top 10 countries with the greatest gold reserves.
Just four nations were participating in the first G7 meetings in 1973, which were held in New York City. In preparation for the inaugural G6 summit in 1975, Japan and Italy accepted invitations to attend. In 1976, the country of Canada was added to the list.
A non-enumerated participant of G7 gatherings since 1981 has been Europe, either as the European Economic Community or as the European Union.
Also See: G20 Countries 2022
Russia became a member of the G7 in 1998 when it was renamed the G8. G8 nations suspended Russia’s participation in 2014 after it annexed Crimea, and the group reverted to using the title the G7. As of 2017, Russia was no longer a member of the G8.
Canadian Prime Minister Justin Trudeau, France’s President Emmanuel Macron, Italy’s Prime Minister Mario Draghi, and Japan’s Prime Minister Yoshihide Suga are the leaders of the current G7 members and their respective countries.
The European Union (non-enumerated member) and the United States (President Joe Biden) are also G7 members (Charles Michel, Council President, and Ursula von der Leyen, Commission President).