G7

G7

Part of: GS Prelims and GS-II- International Affairs

• In News: US is scrapping 2020’s G7 summit at Camp David near Washington due to the COVID-19 crisis and will instead hold the event by videoconference.

• The Group of Seven (G7) is a forum of the world’s seven largest developed economies whose government leaders meet annually to discuss international economic and monetary issues.
• G7 countries are— Britain, Canada, France, Germany, Italy, Japan and the United States
• The G-7 has its roots in an informal meeting of the finance ministers of France, West Germany, the U.S, Great Britain, and Japan (the Group of Five) in the wake of the 1973 oil crisis. 
• In 2019, the 45th G7 summit was hosted by France
• As of 2018, the seven countries involved represent 58% of the global net wealth ($317 trillion) and more than 46% of the global GDP based on nominal values