Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
G7 - statistics & facts
The International Group of Seven, commonly known as the G7, is a forum for political and economic cooperation consisting of seven member countries: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is a so-called non-enumerated member. Russia was a member between 1997 and 2014, but its membership was suspended after its annexation of Crimea in 2014. The group is based on being the leading developed economies in the world, and share liberal democratic values.
However, the economic power of the G7 has been decreasing over the past decade. In terms of gross domestic product (GDP), it accounted for less than 30 percent of the world's total GDP in 2024 when adjusting for purchasing-power-parities (PPP), and excluding the U.S., it was only half of that. Their diminishing share of the global GDP is due to the economic growth of emerging economies in recent decades, most notably China. What is more, it represents less than 10 percent of the world's total population.
On the other hand, some still look to the G7 for guidance on current global political and economic affairs. Recently, the role of the G7 was revived with Russia's invasion of Ukraine in February 2022, with the forum providing a meeting point for the leaders of some of the world's leading liberal democracies, allowing them to speak with a combined voice. The G7 has also taken initiative to reduce the debt of some of the world's most highly indebted countries, and sought to reduce both the health and economic damages of the COVID-19 pandemic.
However, the economic power of the G7 has been decreasing over the past decade. In terms of gross domestic product (GDP), it accounted for less than 30 percent of the world's total GDP in 2024 when adjusting for purchasing-power-parities (PPP), and excluding the U.S., it was only half of that. Their diminishing share of the global GDP is due to the economic growth of emerging economies in recent decades, most notably China. What is more, it represents less than 10 percent of the world's total population.
Criticism of the G7
As a result, the G7 has come under increased criticism for only representing a limited share of the world economy and an even lower share of the global population. Partly as a response to this criticism, the G20 was founded in 1999, which includes the two most populous countries in the world, China and India, and accounts for a total of over 70 percent of the world's GDP. Moreover, some argue that the group should expand its membership to include other democratic countries such as South Korea, Spain, Indonesia, Australia, and India. Some of these countries have been invited as guests to G7 summits in the past.On the other hand, some still look to the G7 for guidance on current global political and economic affairs. Recently, the role of the G7 was revived with Russia's invasion of Ukraine in February 2022, with the forum providing a meeting point for the leaders of some of the world's leading liberal democracies, allowing them to speak with a combined voice. The G7 has also taken initiative to reduce the debt of some of the world's most highly indebted countries, and sought to reduce both the health and economic damages of the COVID-19 pandemic.
Future challenges
Next to a discussion about its relevance and representativeness, the G7 countries are facing several challenges in the coming decades. For instance, Japan and Italy are already seeing decreasing populations as a result of low fertility rates, a development that is forecast to continue in the coming decades. Furthermore, all countries are seeing aging populations, meaning that the share of the working-age population to pensioners will fall. This means that there will be fewer workers in health and social care to take care of a higher number of elderly. The reduction of the working-age population can also lead to economic challenges. Moreover, China's emergence as a global player has changed the dynamics of global affairs and will continue to do so in the future, already seen through the diplomatic crisis between the country and the U.S..
