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Group of 7

Overview#

Group of 7 (G7) is an international intergovernmental economic organization consisting of the seven largest IMF-described advanced economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States

Group of 7 between 1998 and 2014, the group included Russia and was known as the Group of Eight, and had for a year been known as the Group of Six before the 1976 inclusion of Canada.

As of 2018, the seven countries involved represent 58% of the global net wealth ($317 trillion)[2] and 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 European Union has also been an invitee to G7 summits, and other expanded summits with other nations have met under the banner of the Group of Eight + Five.

Group of 7 announced at their Pittsburgh summit in September 2009 that the Group of 20 (G20) would replace the G7 as the main United Nations Economic Council of Nations United Nations Economic and Social Council.

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