What does G-7 mean in International Business?

Group of Seven

The Group of Seven (G7) is an international intergovernmental economic organization consisting of seven major developed countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, which are the largest IMF-advanced economies in the world.As of 2018, the seven countries involved represent 58% of the global net wealth ($317 trillion) and more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity. The European Union is an invitee to G7. The annual G7 Summit includes the 7 heads-of-government from these 7 countries.

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