The Group of Eight Countries, or G8, was the name of a political forum that ran from 1997 until 2014. In 2014, it became the Group of 7, or G7. When it first started in 1975, it was known as the Group of Six, or G6. The original countries that were members of this group were:
The following year, Canada was added to make it G7. Russia was added to the forum in 1997, but was suspended in 2014. Three years later, Russia announced that it would permanently withdraw from the forum. Today, the forum is known as G7 and includes the nations of:
- United Kingdom
- United States
These seven nations have about 58% of the world’s total wealth at about $317 trillion. Over 46% of the world’s nominal GDP is represented in these nations.
The forum was founded in order to facilitate macroeconomic initiatives following the collapse of the exchange rate in 1971. The group meets every year to talk about economic policies and has taken on many initiatives throughout the year, including an initiative for the world’s heavily indebted poor countries in 1996 and a meeting to discuss the global financial crisis of the 2000s.
Today, the purpose of G7 is to discuss energy policies, international security, and economic governance.