G8 Countries: The Top Global Economic Powers

G8 Countries: The Top Global Economic Powers

The G8 summit (more accurately called the G7 since Russia’s removal), has no legal or political authority, but the topics it chooses to focus on can have an impact on world economies. The group’s president changes annually, and the meeting is held in the home country of that year’s leader.

Origins of the G8

Originally comprised six original countries, with Canada added in 1976 and Russia in 1997

Including other countries in the G20

In 1999, the Group of 20 (G20) was formed in an effort to include developing countries and their economic concerns in the conversation about global issues.

Future Relevance of the G8

Critics believe that despite the fact that G8 has no actual authority, critics believe that the powerful members of the organization could do more to address global problems that affect third world countries

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