The Group of Seven (G7) is a global multinational organization formed in 1975. The G7 countries meet every year to address matters of mutual concern such as global economic governance, international security and energy policy.
The G7 countries are the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States. G20 includes all the countries of G7. There is no official charter or secretariat for the G7. The rotating chair, which rotates between member states every year, is in charge of defining the agenda. Before the summit, Sherpas, ministers and diplomats do the ground work. The G7 countries, particularly the United States and Germany, play important roles in the global economy as large exporters.
In 2021, they exported goods worth more than US$1 trillion. In 2022, G7 countries contributed 30% of total global gross domestic product (GDP), and this is expected to decline to 28% by 2027. Additionally, it is estimated that in addition to the G7, the GDP of the G20 countries will also contribute. About 44.5% of total global GDP in 2027, with an increase of about 2% from 2022.
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