All about G7 Summit 2019: The G7 is a collection of seven of the world’s most industrialized and developed economies. Their political leaders come together annually to discuss important global economic, political, social and security issues. The G7 summit is the annual meeting of the Group of Seven leaders. It’s hosted by the G7 president for the respective year. The summit doesn’t have any legal or political authority. But when these seven world leaders agree on something, it has the power to shift the direction of global economic growth.
All about G7 Summit 2019 – Overview
The loose organization originally emerged in the early 1970s as a somewhat informal gathering of the finance ministers from the United States, West Germany, France, and the United Kingdom. As the energy crisis of that decade was spooling up, U.S. Treasury Secretary George Shultz decided it would be wise to coordinate macroeconomic initiatives with other larger players on the world stage.
Today, the G7 are considered as the seven wealthiest and most advanced nations in the worldbecause China holds the second largest net worth in the world, nonetheless has a low net worth per individual and an economy that has not yet fully modernized.
The requirements to be a G7 member are a high net national wealth and a high HDI (Human Development Index). The G7 accounts for about 46% of the global Gross Domestic Product calculated at market exchange rates and also for about 32% of the global PPP GDP.
Aim of G7:
The G7 leaders aim to address challenges affecting the growth of the world Economy, like slowdowns in emerging markets and drops in price of oil.
G7 Countries are
- United States
- United Kingdom
- France
- Japan
- Germany
- Italy
- Canada
The European Union is also represented the G7 summit.
Other International Organizations Invited By G7:
- International Monetary Fund
- World Bank
- United Nations
- World Trade Organization
- African Union
- International Energy Agency
The G7 fill out numerous global top lists:
- Leading export Countries
- Largest gold reserves
- Largest nuclear energy Producers
- Top contributors to the UN Budget
G7 summits Held so far
First G7 Summit was held at Rambouillet, France in 1975.
- 2017 G7 summit- Italy
- 2018 G7 summit- Canada
- 2019 G7 summit- France
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