IAS Gyan

Daily News Analysis

G 7

3rd September, 2022 International Relations

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In News

  • The Finance ministers from the G-7 countries committed to designing a system to check Russia’s income from oil sales.
  • The main objective is;
    • To reduce Russia’s revenues and its ability to fund its war in Ukraine.
    • Limiting the impact of the war on global energy prices.

Group of Seven (G7)

  • G-7 is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
    • The European Union is a 'non-enumerated member.
  • G-7 members are;
    • The advanced economies and liberal democracies.
    • They shared values of pluralism and representative government
  • G7 represents 58% of the global net wealth ($317 trillion), 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.
  • As of 2022, G-7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions.
  • Most G-7 countries had a high level of gross debt, especially Japan (263% of GDP), Italy (151%) and the US (133%).
  • The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
  • Germany holds the presidency of the G7 in 2022.
    • Japan will be president in 2023.

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