The Group of Seven (G7) is an international intergovernmental economic organization consisting of the seven largest IMF-described advanced economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; between 1997 and 2014, the group included Russia and was known as the Group of Eight, and had for a year been known as the Group of Six before the 1976 inclusion of Canada.
As of 2018, the seven countries involved represent 58% of the global net wealth ($317 trillion) and more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity. The European Union has also been an invitee to G7 summits, and other expanded summits with other nations have met under the banner of the Group of Eight + Five.
With the G20 major economies growing in stature since the 2008 Washington summit, world leaders from the group announced at their Pittsburgh summit in September 2009 that the group would replace the G7 as the main economic council of nations. Purchase a G7The text above came from the G7 article on Wikipedia, licensed under the CC-BY-SA license.
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