TheGroup of Seven (G7) is an international group made up of the seven largestIMF-describedadvanced economies in the world:Canada,France,Germany,Italy,Japan, theUnited Kingdom and theUnited States.[1]
In 2018, the seven countries represented 58% of theglobal net wealth ($317 trillion)[2] and more than 46% of the globalgross domestic product (GDP).[3] TheEuropean Union is an invitee to G7.
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 werefinance ministers from France, the United Kingdom, the United States andWest Germany. Later that year, the four members agreed to inviteJapan to attend. These five came to be known as the "Group of Five".
In 1975,Italy was invited to attend the firstheads-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. Thepresident 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 theG8. On 2 March 2014, the other members of the G8 criticized the "Russian Federation's violation of the sovereignty and territorial integrity ofUkraine."[5] As a result, Russia was removed from the G8 which was later renamed G7 as there are now seven leaders in the group.
| 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 | — | Y | — | Emerging and Developing/Advanced[8] |
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