Group Of Seven - G-7
Definition of 'Group Of Seven - G-7'
A forum of the world's seven most industrialized economies. The G-7 was formed in 1975 and initially comprised six nations - France, Germany, Italy, Japan, the U.S. and U.K. - with Canada invited to join the group in 1976. G-7 officials meet periodically to discuss international economic and monetary issues, with the semi-annual meetings in particular being the focus of much media attention.
Investopedia explains 'Group Of Seven - G-7'
Former French President Valéry Giscard d'Estaing was instrumental in setting up the G-7 in 1975, as he invited leaders of five leading nations to a meeting near Paris to discuss the most pressing issues of the time, particularly the oil crisis that threatened to tip the global economy into recession.
Although the G-7 members together constitute over half of the global GDP, critics contend that the group has lost its relevance since it does not include the world's largest emerging economies such as Brazil, China and India. The G-7 did expand in 1998 when Russia joined to make it the G-8.