Sumary of What’s the G-7? An international economist explains:
- AP Photo/Patrick Semansky Why the G-7 matters Despite the decline, the economic might of G-7 nations remains undeniable, not least due to their collective position as countries at the forefront of technological innovation and industrial know-how..
- Moreover, G-7 economies are inextricably interwoven with global supply chains, which means that a policy change or economic shock in one G-7 country will, for better or worse, have ripple effects across the globe..
- And although the G-7 is a subset of the ascendant G20 – which also includes rising economic powerhouses China, India and Brazil – the G-7 has another advantage:.
- it much easier to achieve consensus in an intimate group of similar nations than it is to find common ground among diverse nations with very different economic and political priorities….