The term “G7” refers to a coalition of seven countries that have the world’s largest and most advanced economies, namely the United States, Germany, Japan, the United Kingdom, France, Italy, and Canada, along with the European Union. Together, the G7 members represent more than 46% of the global gross domestic product based on nominal values and over 32% based on purchasing power parity. As of 2018, these countries accounted for more than 60% of the global net wealth, amounting to a total of $317 trillion.
Initially formed as a group of four in 1973, the G7 was established in response to the economic challenges of the 1970s, including the collapse of the exchange rate, energy crisis, and ensuing recession. The G7 convenes at least once annually to address global issues such as economics, trade, security, and climate change, and to share potential solutions. Over its nearly 50-year existence, the G7 has achieved several significant milestones, including the launch of financial programs to assist indebted nations, contributions to the fight against HIV/AIDS, and facilitating the 2015 Paris Agreement on climate change. Furthermore, the G7 has also been involved in the Financial Stability Forum.
The G7 is currently comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. All seven of these nations are ranked as top countries in terms of net wealth per capita, leading export countries, and five of them are among the top 10 countries with the largest gold reserves. Below is the list of countries that are part of the G7.
G7 Countries List
The G7 countries List include Canada, France, japan, United Kingdom, Germany, Italy, and United states. The G7 Counties List with their capital name and population is given below.
| S.No. | Country | Capital |
|---|---|---|
| 1 | Canada | Ottawa |
| 2 | Italy | Rome |
| 3 | France | Paris |
| 4 | United Kingdom | London |
| 5 | Germany | Berlin |
| 6 | Japan | Tokyo |
| 7 | United States | Washington, DC. |
The G7 originated from a series of meetings that began in 1973, with an initial attendance of only four countries: the United States, the United Kingdom, West Germany, and France. Japan was soon invited to join, followed by Italy, which was included in the first formal “G6” meeting in 1975. Canada joined in 1976. Moreover, either the European Economic Community or the European Union has typically participated in G7 meetings since 1981 as a “non-enumerated” member. In 1998, Russia officially joined the group, which was then renamed the G8. However, following Russia’s annexation of Crimea in 2014, the other G8 members suspended Russia’s membership and reverted to the G7 name. Russia subsequently withdrew from the G8 in 2017.
The current G7 members and their leaders are: Canada (Justin Trudeau, Prime Minister), France (Emmanuel Macron, President), Germany (Angela Merkel, Chancellor), Italy (Mario Draghi, Prime Minister), Japan (Yoshihide Suga, Prime Minister), United Kingdom (Boris Johnson, Prime Minister), United States (Joe Biden, President) and the European Union (non-enumerated member) (Charles Michel, Council President, and Ursula von der Leyen, Commission President).