G7

Why in the News?

• Meet ends,G-7 vow to crush Russia’s Income

1.About

• 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.