The brief history of G-7.

The brief history of G-7.


G-7 consists of seven countries plus the European Union. The seven countries are:

Canada, France, Germany, Italy, Japan, UK & US. 

History:

Group of six” was formed ad hoc in 1975.  It consisted of Finance Ministers & Governors of top 6 economies of the world.

Why? 

To discuss current global issues particularly the oil crisis & recession. 

Later on, Canada became the 7th member, so the grouping started to be called as “G-7”.

And after the admission of Russia as the 8th member, the grouping became G-8.

>> In 2014, Russia was expelled from the group owing to the annexation of Crimea by the Russia. 

Eligibility Criteria:

G-7 is a grouping of most advanced countries. 

To be a member of G7, the country needs to have very high National Wealth & HDI (Human Development Index). 

Why China is not the member of G-7?

Because it is not considered developed by the IMF & other global financial institutions. 

With Great Love, 

Er. Amit Yadav

http://www.stayfoolish.in

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