G7

Concept:  G7
Topic: Economy
Category: International Groupings
Related News: Hindu, May 27
CNA mentions: 1 (May 27)                                                                                  

International organisations are an important part of the UPSC syllabus. This article talks about the G7 which is the grouping of the world’s most developed countries. It is a part of the International Relations segment of the IAS exam.

The G7 or the Group of 7 is a group of the seven most advanced economies as per the International Monetary Fund (IMF). The seven countries are Canada, USA, UK, France, Germany, Japan and Italy. The EU is also represented in the G7. These nations account for more than 64% of the net global wealth which is about $263 trillion.

The requirements to be a member of the G7 are a high net national wealth and a high HDI (Human Development Index). The G7 also accounts for 46% of the global Gross Domestic Product calculated at market exchange rates and also for 32% of the global PPP GDP.

G7 Summit 2018 UPSC

The 2018 G7 summit, which was the 44th summit, was held in Quebec, Canada between 8 – 9 June 2018. The host country holds the presidency and sets the agenda for the year. The five themes for the G7 2018 summit were:

  1. Investing in growth that works for everyone
  2. Preparing for jobs of the future
  3. Working together on climate change, oceans and clean energy
  4. Building a more peaceful and secure world
  5. Advancing gender equality and impacting women’s empowerment

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