Day 50 – Q 3.What is G-7? Who are the members of this grouping? How do decisions taken by the members of the G-7 affect the world in general? Examine.
3. What is G-7? Who are the members of this grouping? How do decisions taken by the members of the G-7 affect the world in general? Examine.
जी -7 क्या है? इस समूह के सदस्य कौन हैं? जी -7 के सदस्यों द्वारा लिए गए निर्णय दुनिया को कैसे प्रभावित करते हैं? जांच करें।
The Group of Seven (G7) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, with the seven largest IMF-described advanced economies in the world, represent 58% of the global net wealth ($317 trillion).
Decisions taken by G-7 members affect the world:
- Huge wealth: The Group of Seven (G7) is an informal bloc of industrialised democracies. Its current members make up nearly 50 percent of the world economy, and represent more than 58 percent of net global wealth.
- Trio power: Because economic power, military and political power, the G7 forum has also become a place for prominent international crises or disputes to be discussed or resolved.
- Multiplier effects: Power gives the G-7 great influence on the policies, programs, and decisions of the UN Security Council, World Trade Organization (WTO), International Monetary Fund (IMF), World Bank, and Organization for Economic Cooperation and Development (OECD).
- Helps developing countries: Attempting to answer globalization’s critics, G-7 helps poor countries reduce their debt burden and increase their access to better education, health care, and information technology.
- Flexibility in decisions: The G7 takes no mandatory decisions, and the meeting is billed as an opportunity to allow leaders to exchange ideas in key issues. A leaders’ declaration at the end of summit is not binding in nature.
- Lack of implementation: G7 countries have failed to implement many of the recommendations of past summits, notably those recently committing the U.S. and other wealthy nations to debt relief, reductions of carbon emissions, conflict prevention, and reform of the international financial architecture
- No longer influential: The G7 is no longer as influential as it once was because they exclude important emerging powers. Without China and other emerging global powers, the group lacks relevance.
- G20 prevails: Many analysts also believe the power and prestige of the G20, a forum for finance ministers and central bank governors from nineteen of the world’s largest countries as well as the EU, has surpassed that of the G7.
- New economic dynamics: Emerging powers including Brazil, China, India, Mexico, and South Africa, whose absence from the G7 was often noted, all belong to the G20.
The major purpose of the G-7 is to discuss, and sometimes act in concert to help resolve, global problems, with a special focus on economic issues. The group has discussed financial crises, monetary systems, and major world crises such as oil shortages. G-7 promotes collective decision-making, but critics note that it often lacks follow-through and excludes important emerging powers.