The G8 was the name of a political conference that operated from 1997 to 2014, known as the Group of Eight. As a non-governmental organization, it was made up of countries from across the globe, including the following:
- United Kingdom
- United States
The European Union (non-enumerated member)
In the early 1970s, a group of countries met to discuss the formation of the G8. The G7 was formed in 1976 with the addition of Japan, Italy, and Canada to the original four members (the United States, the United Kingdom, West Germany, and France).
Russia joined the G8 in 1997 after accepting an invitation.
G8 participation was suspended when Russia occupied the Ukrainian territory of Crimea. After Russia’s withdrawal from the G7, the remaining members returned to the G7 nomenclature.
At nearly $317 trillion, these seven countries account for about 58 percent of global wealth. These countries’ combined GDP accounts for more than 46% of global nominal GDP.
As a result of the fall of the exchange rate in 1971, the forum was established to support the macroeconomic efforts of the member countries. The group gathers every year to examine the economic policy.
Also See: G7 Countries 2022
It has taken on several projects over the years, including a conference to address the global financial crisis of the 2000s and an effort to help the world’s poorest nations in 1996.
The G7’s initial concentration was on economics, but it now covers many issues, including energy regulations, international security, and health programs. Visit our G7 Countries page for more information on the G7.