Term: G7

This was a group of 7 countries – America, Canada, United Kingdom, France, Germany, Italy and Japan. It was established in in 1975 and was formed from the “Group of 6” which excluded Canada. Obviously with the advent of the European Union. Together the G7 controlled about 65% of global GDP. Today the G7 have been replaced by the G20, which includes South Africa and other major emerging economies like China.

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