G-7 group of countries
The G7 or the Group of Seven is an international group of countries which currently consists of Canada, France, Italy, the United Kingdom, Japan, Germany, and the United States.
About the G7
- The G7 countries have some of the world’s largest economies in the world (as stated by the IMF) and currently, represent over 58% of the global net wealth.
- The G7 was formed to allow for shared macroeconomic initiatives by the member states to deal with the aftermath of the collapse of the dollar exchange rate in 1971, the time of the Nixon shock and the energy crisis of 1970s.
- The G7 countries represent over 46% of the global gross domestic product (GDP) when calculated on the nominal values, and over 32% of the global GDP based on purchasing power parity.
- As the joint economic bloc of European nations with advanced economies, the European Union is also represented at the G7 summit.
Why is it in the news?
The U.S. President Donald Trump has stated his intention to invite Russia back to rejoin the G-7 bloc. Earlier Russia was a part of the G-7 group (it was known as the G-8 then).
However, in 2014, Russia was disinvited from these economic gatherings after it annexed the disputed territory of Crimea on the Russo-Ukrainian border.