What is the Group Of Seven (G-7)?

The group of seven, also known as the G-7, is a forum formed by the seven most economically-advanced nations of the world. The group was formed in 1975, comprising six countries namely Germany, France, United States, Italy, United Kingdom, and Japan. Canada was included in the group in 1976. The government leaders of each of these countries meet once a year or more frequently to discuss and coordinate the economic and monetary policies and other relevant issues.

What is the History of the G-7?

After the end of the era of the Cold War, in 1997 Russia was invited by the United Kingdom and the United States to participate in the meeting of G-7 as an observer. Next year, Russia became a full-fledged member of the group and it became Group of 8 or simply G-8. (Note: In 2014, after the annexation of Crimea Russia was removed from the group.) 

In 1999, financial stability forum and G-20 were formed for managing the global monetary system. G-20 was formed with the members of G-7, European Union and 12 emerging economies including India, China, Brazil, Mexico, and South Africa. This group takes active roles in managing the global economic reforms.