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Group of 7 (G7)
Context
Prime Minister Modi is attending the G7 summit following an invitation by German Chancellor Olaf Scholz.
About
What is the G7?
- The G7 consists of seven of the world’s richest countries, which meet annually to typically discuss global security, economic, and climate concerns.
- Formation:
- The G7, as it is now known, was first formed in the wake of the 1973 oil crisis, which had led to a deep recession and rising inflation.
- France, Italy, Japan, the U.K., the U.S., and West Germany formed the initial Group of Six in 1975 to discuss the ensuing economic concerns.
- Canada joined the group in 1976.
- Russia joined the group in 1998 and the name changed to G8.
- However, the country has been excluded since 2014 after annexing Crimea.
- Representatives of the European Union are always present at the annual meeting of the heads of state and government of the G7.
- Germany holds the presidency of the G7 in 2022.
- Japan will be president in 2023.
- German Chancellor Olaf Scholz has invited India, along with Argentina, Indonesia, Senegal, and South Africa to the 2022 Summit as partner countries.
G7 numbers
- As of 2022, G7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions.
- 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.
What’s on the agenda?
- A major focus will likely entail dealing with economic shocks that followed Russia’s invasion of Ukraine and the subsequent Western sanctions—areas where experts believe finding a unified approach will be an easier task.
- The G7 has called on all nations to “keep their food and agricultural markets open” and questions over food production, distribution and supply, and aid for hard-hit countries could be points of discussion.
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