13 Aug 2019
France will be hosting the G7 nations for the International bloc’s annual summit at the end of this month. The G7, short for Group of Seven, is a loose organisation made up by finance ministers for different countries who meet so to discuss the economic and international issues at hand. The nations in the group are frequently considered as the richest and most advanced countries in the world.
In addition to being the wealthiest nations globally, the member countries of the G7 combined have the highest number of exports, most gold reserves and nuclear energy producers and contribute the most to the budget of the United Nations.
The G7 nations summit will take place between the 24th and the 26th of August in Biarritz, France. Some of the various issues that are expected to be discussed are the ongoing trade war between the U.S. and China and the U.S.-European Union trade relationships. Technology, the International Monetary Fund and Christine Lagarde’s new role at the IMF are also set to be debated.
Economist at the Peterson Institute for International Economics and senior partner at Bruegel said, ‘n practice, the G7 has been somewhat downgraded by the emergence of the G20 as the premier format for international economic policy coordination in late 2008.’
The members of the G7 nations are Canada, France, Germany, Italy, Japan, the UK and the U.S.