Home Economy G7 summit begins with 7 nations gathering in Cornwall, Britain

G7 summit begins with 7 nations gathering in Cornwall, Britain

Leaders from groups of 7 ( G7)  nations meet in Cornwall, England, to discuss the pandemic, global vaccination, climate change, etc.

The G7 group includes the US, UK, Canada, Japan, Germany, France, and Italy, with the European Union also participating.  The UK is the host in 2021 and invited Australia, India, South Korea, and South Africa to attend as guests.

The Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Presently, they are leaders of the world’s richest nations.  Over the last year, world leaders met remotely due to COVID-19.

The Group of 7 is pledging to donate a billion vaccine doses.

It is said that as of 2018, the G7 represents 58% of the global net wealth ($317 trillion),[2] more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity. The seven nations in the G7 are also the largest IMF-advanced economies in the world.

There have been various proposals to expand the G7. In 2020, U.S. former President Donald Trump advocated that Russia should be invited to re-join the group and recommended Australia, India, and South Korea to join.

 

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