G7

G7
Group of Seven
Formation
  • 25 March 1973 (25 March 1973)
  • (Library Group)
  • 15 November 1975 (15 November 1975)
  • (1st G6 summit)
Founder
Library Group:
1st G6 summit:
Founded at
TypeIntergovernmental organisation
PurposePolitical and economic forum
Formerly called

The Group of Seven (G7) is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a "non-enumerated member". It is organized around shared values of pluralism, liberal democracy, and representative government.[1][2][3] G7 members are major IMF advanced economies.

Originating from an ad hoc gathering of finance ministers in 1973, the G7 has since become a formal, high-profile venue for discussing and coordinating solutions to major global issues, especially in the areas of trade, security, economics, and climate change.[4] Each member's head of government or state, along with the EU's Commission president and European Council president, meet annually at the G7 Summit; other high-ranking officials of the G7 and the EU meet throughout the year. Representatives of other states and international organizations are often invited as guests, with Russia having been a formal member (as part of the G8) from 1997 until its expulsion in 2014.

The G7 is not based on a treaty and has no permanent secretariat or office. It is organized through a presidency that rotates annually among the member states, with the presiding state setting the group's priorities and hosting the summit; Canada presides for 2025.[5] While lacking a legal or institutional basis, the G7 is widely considered to wield significant international influence;[6] it has catalyzed or spearheaded several major global initiatives, including efforts to combat the HIV/AIDS pandemic, provide financial aid to developing countries, and address climate change through the 2015 Paris Agreement.[6][1][7] However, the group has been criticized by observers for its allegedly outdated and limited membership, narrow global representation, and ineffectualness.[8][9][10] The rise of BRICS+ for example, with its expanded membership and focus on South-South cooperation, reflects a broader shift in global power dynamics, with emerging economies gaining greater influence in international affairs.[11]

The G7 countries have together a population of about 780 million people (or almost 10% of the world population), comprise around 50% of worldwide nominal net wealth and as of 2024 more than 44% of world nominal GDP and about 30% of world GDP by purchasing power parity.[12][13][14]

  1. ^ a b "What is the G7?". G7 UK Presidency 2021. Archived from the original on 25 December 2021. Retrieved 12 June 2021.
  2. ^ "Report for Selected Countries Subjects". www.imf.org. Archived from the original on 7 April 2019. Retrieved 13 June 2018.
  3. ^ "World Economic Outlook Database". International Monetary Fund. imf.org. October 2017. Major Advanced Economies (G7). Archived from the original on 12 June 2018. Retrieved 28 February 2018.
  4. ^ Paul LeBlanc (11 June 2021). "What is the G7, and what power does it hold?". CNN. Archived from the original on 1 November 2021. Retrieved 12 June 2021.
  5. ^ "Canada's 2025 G7 Presidency". g7.canada.ca. Retrieved 20 January 2025.
  6. ^ a b Shear, Michael D. (11 June 2021). "G7 News: A Return to Face-to-Face Diplomacy". The New York Times. ISSN 0362-4331. Archived from the original on 24 November 2021. Retrieved 12 June 2021.
  7. ^ "What are the G7 and the G8?". www.g8.utoronto.ca. Archived from the original on 27 November 2020. Retrieved 12 June 2021.
  8. ^ Meredith, Sam (14 June 2021). "'The selfie summit': Why some economists and activists are disappointed with the G-7". CNBC. Archived from the original on 9 November 2022. Retrieved 9 November 2022.
  9. ^ "Where Is the G7 Headed?". Council on Foreign Relations. Archived from the original on 18 July 2022. Retrieved 9 November 2022.
  10. ^ "G-7 Communique Wide-Ranging, But Critics Find Shortcomings". VOA. 13 June 2021. Archived from the original on 9 November 2022. Retrieved 9 November 2022.
  11. ^ "An Evolving BRICS and the Shifting World Order". BCG Global. 19 April 2024. Retrieved 2 January 2025.
  12. ^ "G-7: Share of World's GDP by country". Retrieved 12 August 2024.
  13. ^ "BRICS vs G7 GDP as a share of world total 2024". Statista. 12 April 2024. Retrieved 18 October 2024.
  14. ^ "The Top 25 Economies in the World".
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