G7 Countries Video lecture

G7 Nations


G7 Countries Overview:


G7 Established:1975
G7 Members:7 Members
G7 Headquarters:No Headquarters.
Secretary General:No Secretary General.

What is G7:

The G-7 or Group of seven is an international intergovernmental organization consists of 7 member states. All the G7 countries are the developed states and they are advanced economies in the world. The GDP of G7 countries represents about 45% of the global GDP.

G7 Establishment:

Initially founded as G6 in 1975.

In 1976 Canada joined this group, and this group became G7 countries.

In 1998 Russia joined this group, and this group became G8 countries.

In 2014 Russia suspended from the group due to the annexation of Crimea and again the group became G7 countries.

G7 Members:

As the name of the group suggests, it's a group of seven, so G7 comprising seven advanced economies in the world, the member states of G7 are Canada, France, Germany, Italy, Japan, The United Kingdom, and The United States. Let's discuss some interesting questions about the membership of G7.

Why is Russia not in the G7:

In 2014 Russia suspended from the group due to the annexation of Crimea and again the group became G7. Here it is clear why Russia is not a member of G7.

Why is China not in the G7:

The G7 is a group of advanced economies in the world. China is the second-largest economy in terms of overall nominal GDP however, the GDP per capita and wealth per capita of China are very less as compared to other G7 countries, that's why China is not a member of the G7.

Why is India not in the G7:

The same criteria apply for India as for China. The G7 is a group of advanced economies in the world and India is the fifth-largest economy in terms of overall nominal GDP however, the GDP per capita and wealth per capita of India are very less as compared to other G7 countries that's why India also not the member of the G7.

Member states of G7: The list of G7 countries is given below.

flag-iconCanadaflag-iconGermany
flag-iconItalyflag-iconUK
flag-iconJapanflag-iconFrance
flag-iconUS

The Objectives of the G7 Countries:

The main objective of the group was to facilitate shared macroeconomic initiatives due to the energy crisis in the 1970s and the collapse of the exchange rate in 1971. But now the objective of this group is to prevent the global economy from entering a recession. This group also supports the Climate Change Movement, Gender Equality, and Disarmament Programs.

G7 Headquarters:

G7 nations don't have the headquarters.

What is the G7 summit:

The G7 summit is an annual meeting of the head of all G7 member countries. In the G7 summit, the head of the states discusses the world economic situation and how to overcome any issue facing by the world like due to Covid-19 in 2020 the world economy faced the worst time so G7 countries are discussing this situation to overcome and again all the countries can work together to develop as before covid-19. The location of the G7 summit decided by member countries in the previous G7 summit meetings. The G7 summit location is always held in one of the member countries of G7. The first summit of this group helped in France in 1975, when it was known as G6 countries.

G7 Leaders:

The heads of the G7 countries are the leaders of the G7 group. G7 leaders meet at the G7 summit every year to discuss the world economic situation.

India and G7 Countries:

Currently, India is not a member of the G7 group, however the host country of the G7 summit has the rights to invite the guest countries to participate in the G7 countries summit, and most of the time India is one of the counties in the world that is invited by the host country because India is an important country with more than 1 billion population, the fifth-largest economy in terms of overall nominal GDP and also friendly relations with G7 countries. In 2019 France invited India to the G7 summit, and in 2021 The United Kingdom already invited India to take part in the G7 summit which will be held in June 2021.