Question

Consider the following statements:

1. G8 nations comprise more than 40% of global GDP.
2. Outreach Five was formed by the guest countries of the G-8 meet.
Which of the statements given above is/are correct?

• A. Only 1
• B. Only 2
• C. Both 1 and 2
• D. Neither 1 nor 2

Answer 1

The correct option is C Both 1 and 2

The Group of Eight (G8) refers to the group of eight highly industrialized nations—France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia—that hold an annual meeting to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism. Collectively, in 2012 the G8 nations comprised 50.1 percent of 2012 global nominal GDP and 40.9 percent of global GDP (PPP). There are also a separate set of meetings known as the G8+5, created during the 2005 Gleneagles, Scotland summit, that is attended by finance and energy ministers from all eight member countries in addition to the five "outreach countries" which are also known as the Group of Five—Brazil, People's Republic of China, India, Mexico, and South Africa.