G7
The G7 is an international intergovernmental economic organization consisting of the seven largest advanced economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The G7 countries represent more than 64% of the net global wealth ($280 trillion). The G7 countries also represent 46% of the global GDP based on nominal values, and 32% of the global purchasing power parity GDP. The G7 countries are the seven largest IMF-described advanced economies in the world.
History of the G7
The G7 was formed in 1975 as an informal forum for the world’s major industrialized countries. The first meeting of the G7 was held in Rambouillet, France, in 1975. The G7 was initially formed to discuss economic issues, but it has since expanded to include other topics such as global security, energy, and the environment. The G7 has also become a platform for the world’s leading economies to coordinate their economic policies and promote global economic growth.
The G7 has evolved over the years, and its membership has changed. In 1976, Canada joined the G7, followed by Italy in 1979. In 1997, Russia joined the G7, but it was suspended in 2014. In 2017, the G7 became the G7 again after the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom agreed to re-establish the group.
Table of Comparisons
| Country | Net Global Wealth | GDP (Nominal) | GDP (PPP) |
|---|---|---|---|
| Canada | $8.7 trillion | $1.8 trillion | $1.7 trillion |
| France | $13.2 trillion | $2.9 trillion | $2.6 trillion |
| Germany | $14.2 trillion | $4.0 trillion | $3.5 trillion |
| Italy | $7.2 trillion | $2.2 trillion | $2.1 trillion |
| Japan | $24.9 trillion | $5.2 trillion | $4.9 trillion |
| United Kingdom | $9.2 trillion | $2.9 trillion | $2.6 trillion |
| United States | $98.5 trillion | $21.4 trillion | $19.4 trillion |
Summary
The G7 is an international intergovernmental economic organization consisting of the seven largest advanced economies in the world. The G7 countries represent more than 64% of the net global wealth and 46% of the global GDP based on nominal values. The G7 was formed in 1975 as an informal forum for the world’s major industrialized countries, and it has since expanded to include other topics such as global security, energy, and the environment. For more information about the G7, you can visit the official website of the G7 or the websites of the individual G7 countries.
See Also
- G20
- IMF
- World Bank
- World Trade Organization
- United Nations
- European Union
- North Atlantic Treaty Organization
- Group of Eight
- Group of Twenty
- Group of Thirty
