The G7 (Group of Seven) is an informal forum of the world’s most advanced economies — France, Germany, Italy, the UK, Japan, the US, and Canada.

Key Features

  • Informal grouping: No formal treaty, no permanent secretariat or bureaucracy.
  • Rotating Presidency: Each member hosts and leads discussions in turn.
  • Decisions by consensus: No binding laws (no legislative authority)

Facts To Know

  • Initially formed as G6 (US, UK, France, West Germany, Japan, Italy) in response to the 1973 oil crisis and financial turmoil, with Canada joining in 1976 to make it G7.
    • It became G8 in 1997 with the inclusion of Russia, but reverted to G7 in 2014 after Russia’s expulsion over the annexation of Crimea.
Economic Facts

  • 40% of the global economy and 10% of the world’s population live in G7 countries.
  • 36% of global power generation capacity.
  • 30% of global energy demand.
  • 25% of global energy-related carbon dioxide (C02) emissions.

 

Source: The Hindu