G7

Why in the News?

It is an intergovernmental organisation that was formed in 1975.
The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
The G7 countries are the UK, Canada, France, Germany, Italy, Japan and the US.
All the G7 countries and India are a part of G20.
The G7 does not have a formal charter or a secretariat. The presidency, which rotates among member countries each year, is in charge of setting the agenda. Sherpas, ministers and envoys hammer out policy initiatives before the summit.
As of 2022, G7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions, according to the Summit website.
China and India, the two most populous countries with among the largest GDP figures in the world, are not part of the grouping.
In all G7 countries, annual public sector expenditure exceeded revenue in 2021.
Most G7 countries also had a high level of gross debt, especially Japan (263% of GDP), Italy (151%) and the US (133%).
The G7 countries are important players in global trade. The US and Germany in particular are major export nations. Both sold goods worth well over a trillion US dollars abroad in 2021.