The G20 and G7 are two of the most powerful and influential groups in the world. The G7 contains countries with most advanced and strong economies in the world, while G20 or Group of 20 is a combination of developing and developed nations.
This year, India is heading the G20 Group Summit, and almost 230 meetings are scheduled in different parts of India. As many as 60 cities host these events. This is a once-in-a-lifetime opportunity for India, as we are heading towards Amritkaal, and in the next 25 years, India will be leading the world.
What is G20?
G20 or the Group of 20 is a forum of 19 countries plus the EU (European Union). The G20 group draws its inspiration from the G7 group and it was created in 1999. During the year 1997, South East Asia experienced a worst financial crisis that began in Thailand but spread throughout the Asian continent.
G20 includes countries like Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, USA, and the European Union (EU).
What is G7?
The Group of Seven is an intergovernmental forum of the seven most advanced economies in the world of developed nations. Till 2014, the G7 was actually the G8 because Russia was also a member of this group, but after that, it was removed when Russia annexed Crimea.
The G7 includes countries like the United States, France, Japan, Germany, Italy, Canada, and the United Kingdom. The leaders of all these countries meet periodically to discuss various international economic and monetary issues, and like the G20, each member country takes the presidency on a rotating basis.
Difference Between G20 & G7
The first and most basic difference between the G20 and the G7 is the number of member countries; the G7 has seven member nations, while the G20 has 19 nations plus the European Union. The G7 is a group of the most advanced and economically developed nations. The G20 is a group where countries that are developed and developing come together to discuss global issues.
The G20 includes two-thirds of the world’s population, 75% of global trade, and 85% of global GDP, while the G7 includes 10% of the world’s population, 15% of land area, and 39% of global GDP. The objectives of both groups are also different; the G7 focuses primarily on economic growth and stability, while the G20 addresses issues related to trade, development, terrorism, and political stability.
A. The Group of 7 is an intergovernmental forum of the seven most advanced economies in the world of developed nations.
A. Group of 20 is a forum of 19 countries plus the EU (European Union).
A. The most basic difference between the G20 and the G7 is the number of member countries; the G7 has seven member nations, while the G20 has 19 nations plus the European Union.
A. Countries like he United States, France, Japan, Germany, Italy, Canada, and the United Kingdom are a part of G7 group.