What is 'Group of Eight - G-8'

The Group of Eight (G8) is an assembly of highly developed and modernized nations that have established a position as leaders and pacesetters for the industrialized world.

BREAKING DOWN 'Group of Eight - G-8'

The Group of Eight (G8) is eight of the world's economically leading countries that in a cooperative effort meet periodically to address international economic and monetary issues. The origins of the group date back to 1975, when it was then known as the G6, with a membership consisting of the U.K., the U.S., France, West Germany, Italy, and Japan.

The nations that currently make up the G8 cohort are the United States, United Kingdom, Canada, Germany, Japan, Italy, and France.

G8 is considered global policy making at its highest level. The G8 includes the Group of Seven countries along with Russia. Russia, although not a full member, had been in attendance since 1994. However, Russia was suspended from the group in 2014 due to the annexation of Crimea. In 2017, Russia announced its intention to permanently withdraw from the G8. The group has sometimes been referred to as the G7 recently due to Russia technically being in nonmember status.

G8 nations see themselves as an elite and exclusive group, and indeed they do wield significant power, as their combined wealth and resources comprise roughly half of the entire global economy. The G8 is not an official, formal entity like the United Nations, and has no legislative or authoritative power. The G8 group can, however, compile recommended policies and plans that its members can work collaboratively to implement.

G8 issues and actions

Each year, the group hosts an event called the G8 Summit. Member nations take turns hosting the summit. In recent years, protestors have been a prominent part of these summits. The protests, which have in some cases turned violent, often center on complaints that the group excludes emerging and developing nations like India and Latin American countries that are playing an increasingly important role in the global marketplace.

Recent G8 cohorts have come together to discuss issues they have identified as being high priority and having an urgent impact on global security and stability. These critical issues include terrorism, cybersecurity, global warming, energy conservation, and economic development.

Leaders from the G8 nations, including presidents, prime ministers, cabinet members and economic advisors, assemble in this forum to exchange ideas, brainstorm solutions and discuss innovative strategies that will benefit each individual nation as well as the world as a whole.

  1. Financial Cooperative

    A financial cooperative is a financial institution that is owned ...
  2. Economic Integration

    Economic integration is an arrangement between different regions ...
  3. Cooperative Insurance

    Cooperative insurance is for owners of co-op apartments – or ...
  4. Group of Five – G5

    Group of Five is a designation that has been used to refer to ...
  5. Bank For Cooperatives

    Bank for Cooperatives is a regional, privately-owned and government-sponsored ...
  6. Group Of Twenty - G-20

    The Group of 20, aka G20, is a group of finance ministers and ...
Related Articles
  1. Insights

    Countries Friendly to Russian Business

    Russia's largest trading partners include China and the European Union. Learn about the goods and services that Russia exchanges with these countries, despite past political controversy.
  2. Insights

    Investing In Russia: A Risky Game?

    You might be better off playing roulette if you don't understand the risks of investing here.
  3. Trading

    Fast Friends: Italy Helps Russia Avoid Sanctions

    Italy intervenes to prevent the EU from placing more sanctions on Russia.
  4. Investing

    Europeans Grow Frustrated With Russian Sanctions (RSX)

    The French Senate voted last week in favour of a non-binding agreement to urge the government to lift the EU's economic sanctions on Russia
  5. Investing

    Sanctions & Falling Oil Prices Hit Ruble Hard

    Russia, through its aggressive actions, has brought upon itself sanctions which, coupled with falling oil prices, have adversely impacted its economy.
  6. Insights

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?
  7. Investing

    Why The Yuan (RMB) Is Russia's Favorite Currency

    Russia has agreed to a currency swap worth $24 billion with China. What is Russia's thinking behind promoting the Yuan in its economy?
  8. Managing Wealth

    Evaluating country risk for international investing

    Find out how investing overseas begins with determining the risk of the country's investment climate.
  9. Investing

    Short Russia with Direxion's Daily Russia Bear 3X

    Looking to short Russia? Check out the Direxion Daily Russia Bear 3X ETF.
  10. Investing

    Is Russia Really Fighting Corruption? (RSX, EEM)

    Russia's Economy Minister was detained on bribery charges, but some feel it is a political warning to others.
  1. Globalization and International Investment

    Learn how globalization impacts international investment and transforms economies around the world. Understand the implications ... Read Answer >>
  2. What impact does economics have on government policy?

    Learn about the impact of economic conditions on government policy and understand how governments engineer economic conditions ... Read Answer >>
  3. What is the relationship between human capital and economic growth?

    Learn what human capital and economic growth are, how human capital is related to economic growth and see examples of the ... Read Answer >>
  4. What are the typical day-to-day responsibilities of a Chief Operating Officer (COO)?

    Learn how a country's debt crisis affects the world, including how currency values, inflation and output are affected on ... Read Answer >>
  5. How does inflation affect the exchange rate between two nations?

    Countries attempt to balance interest rates and inflation, but the interrelationship between the two is complex and can influence ... Read Answer >>
Hot Definitions
  1. Gross Margin

    A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. ...
  2. Inflation

    Inflation is the rate at which prices for goods and services is rising and the worth of currency is dropping.
  3. Discount Rate

    Discount rate is the interest rate charged to commercial banks and other depository institutions for loans received from ...
  4. Economies of Scale

    Economies of scale refer to reduced costs per unit that arise from increased total output of a product. For example, a larger ...
  5. Quick Ratio

    The quick ratio measures a company’s ability to meet its short-term obligations with its most liquid assets.
  6. Leverage

    Leverage results from using borrowed capital as a source of funding when investing to expand the firm's asset base and generate ...
Trading Center