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