Group of Seven

international intergovernmental economic organization
(Redirected from G7)

The Group of Seven (G7) is an international group made up of the seven largest IMF-described advanced economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.[1]

Group of Seven and the European Union
Group of Seven (G7) Countries.svg
The G7-nations (blue) and the European Union (teal) in the world

 Canada

Prime Minister Justin Trudeau

 France

President Emmanuel Macron

 Germany

Chancellor Angela Merkel (Senior G7 Leader)

 Italy

Prime Minister Giuseppe Conte

 Japan

Prime Minister Shinzō Abe

 United Kingdom

Prime Minister Boris Johnson

 United States (2020 host)

President Donald Trump

 European Union

Council President Charles Michel
Commission President Ursula von der Leyen

In 2018, the seven countries represented 58% of the global net wealth ($317 trillion)[2] and more than 46% of the global gross domestic product (GDP).[3] The European Union is an invitee to G7.

HistoryEdit

The group began in the early 1970s. The number of members has changed over time. Representatives from four leading economies first met in 1973. The representatives were finance ministers from France, the United Kingdom, the United States and West Germany. Later that year, the four members agreed to invite Japan to attend. These five came to be known as the "Group of Five".

In 1975, Italy was invited to attend the first heads-of-government summit, forming the "Group of Six", or G6. Canada joined in 1976, making the G7. The group meets every year, with a different host and president each year. The president of the European Council has attended since 1977. Since 1987, the finane ministers of G7 countries have met at least twice a year at separate meetings.[4] In some years they have met four times.

From 1995, Russia attended informally, and they joined the group in 1998, creating the G8. On 2 March 2014, the other members of the G8 criticized the "Russian Federation's violation of the sovereignty and territorial integrity of Ukraine."[5] As a result, Russia was removed from the G8 which was later renamed G7 as there are now seven leaders in the group.

Country leaders and EU representatives (as of 2019)Edit

Wealth dataEdit

Member Trade mil. USD (2014) Nom. GDP mil. USD (2014)[6] PPP GDP mil. USD (2014)[6] Nom. GDP per capita USD (2014)[6] PPP GDP per capita USD (2014)[6] HDI (2017) Population (2014) Permanent members of UN Security Council DAC OECD Economic classification (IMF)[7]
Canada 947,200 1,785,387 1,595,975 50,304 44,967 0.926 35,467,000  N  Y  Y Advanced
France 1,212,300 2,833,687 2,591,170 44,332 40,538 0.901 63,951,000  Y  Y  Y Advanced
Germany 2,866,600 3,874,437 3,748,094 47,774 46,216 0.936 80,940,000  N  Y  Y Advanced
Italy 948,600 2,167,744 2,135,359 35,335 35,131 0.880 60,665,551  N  Y  Y Advanced
Japan 1,522,400 4,602,367 4,767,157 36,222 37,519 0.909 127,061,000  N  Y  Y Advanced
United Kingdom 1,189,400 2,950,039 2,569,218 45,729 39,826 0.922 64,511,000  Y  Y  Y Advanced
United States 3,944,000 17,348,075 17,348,075 54,370 54,370 0.924 318,523,000  Y  Y  Y Advanced
European Union 4,485,000 18,527,116 18,640,411 36,645 36,869 0.899 505,570,700 N/A  Y N/A Emerging and Developing/Advanced[8]

List of leadersEdit

Also seeEdit

ReferencesEdit

  1. "World Economic Outlook Database". International Monetary Fund. imf.org. October 2017. "Major Advanced Economies (G7)".
  2. Research Institute – Global Wealth Databook 2018
  3. "Report for Selected Countries and Subjects". www.imf.org.
  4. "G7/8 Ministerial Meetings and Documents". G8 Information Centre. University of Toronto. 2014. Retrieved 14 March 2014.
  5. "Statement by G7 Nations". G8 Info Ctr. University of Toronto. 2 March 2014. Retrieved 10 March 2014.
  6. 6.0 6.1 6.2 6.3 "Gross domestic product". IMF World Economic Outlook. October 2015. Retrieved 14 October 2015.
  7. "World Economic Outlook data". IMF. 2014. Retrieved 19 October 2014.
  8. 23 out of 28 EU countries are classified as advanced. 5 out of 28 EU countries are classified by the IMF as Emerging and Developing Europe