The G7 political bloc :: Mmegi Online

The Group of 7 is a political block of highly industrialised countries that undoubtedly brokers and wields influence over political decisions on an international stage. It roots span back to 1975 when the institution was formed as a pack of six industrialised countries namely the United States, France, Italy, Japan, the United Kingdom, and the then West Germany.

Upon inception, the group had a mandate of curbing the instability of oil prices as the world was plunged in a global energy crisis following disruptions caused by decisions by oil producing countries. Over the years, this role has progressively changed and now the Group of 7 presides over the coordination of economic policy and other global issues of interest to them.

The G7 commands a cumulative GDP share of 40% of the world’s total economic output, marking itself as a block of affluent and elite nations. The economic affluence enables the nations to be the leading purchasers of luxurious goods such as diamonds.

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