How important is the Group of Seven in the global economy with its continued demand for a leadership role?

The 3-day meeting of the leaders of some of the richest democracies in the world in the Bavarian Alps ended yesterday with many recommendations and final plans, as the 48th G7 Summit took place from 26 June to 28 June.

The summit began on Sunday with a series of bilateral meetings, before the leaders of the bloc united to discuss the world’s most pressing issues on Monday.

These include the Russian invasion of Ukraine, rising food and energy prices, the coronavirus, the global economy and the climate crisis. in a moment not without global challenges.

While the Group of Seven, as the G7 is officially called, continues to claim a global leadership role, experts put in doubt the importance of the blockade against the backdrop of a global economy in rapid evolution.

In 2018, economists Jim O’Neill and Alessio Terzi wrote that “the G7, in its current form, no longer has a reason to exist, and must be replaced by a more representative group of countries”.

They called for a revision of the G7, which would replace Germany, France and Italy with a joint representative of the eurozone, replace Canada with Brazil and, above all, add China and India, making them more economically and populously representative without adding more seats to the table.

According to the graph drawn up by “Statista” and visualized by “Al”, the G7 countries currently represent 43% of the world economy, compared to about 70% three decades ago.

In terms of population, the bloc is also underrepresented, with its member states accounting for less than 10% of the world’s population, according to the latest UN Population Fund estimates.

Despite these numbers, G7 supporters believe the group still has value.

“It’s a kind of steering group that can be managed by the West,” said CFR Fellow, Stuart M. Patrick. “It is a repository, an embodiment of shared values ​​and a similar rules-based approach to world order.”

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