What’s the difference between the G-7 and G-20?

Morning In America

(L/R): NATO Secretary General Jens Stoltenberg, European Commission President Ursula von der Leyen, Japan’s Prime Minister Fumio Kishida, Canada’s Prime Minister Justin Trudeau, US President Joe Biden, Germany’s Chancellor Olaf Scholz, British Prime Minister Boris Johnson and France’s President Emmanuel Macron pose for a G7 leaders’ family photograph during a NATO summit at the alliance’s headquarters in Brussels on March 24, 2022. (Photo by Doug Mills / POOL / AFP) (Photo by DOUG MILLS/POOL/AFP via Getty Images)

(NewsNation) — News came earlier this week that Russian President Vladimir Putin was planning to attend the G-20 summit, being hosted in Bali in October this year. Many of the other attendees want Russia excluded from the gathering over its attack on Ukraine.

With that news, it’s a good time to look at the difference between the G-7 and the G-20, since the G-7 comes up June 26 in the Bavarian Alps.

The G-20 is made up of the 20 countries or groups that together produce 80% of the Gross Domestic Product (GDP) of all the economies in the world. At present, they are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

The group was founded in 1999, and since 2008 the G-20 has met at least once a year in response to various economic issues and crises.

While the G-20 is a primarily economic group, the G-7, made up of the U.S., Canada, Japan, the U.K., France, Germany and Italy, is a more political group. These are still wealthy countries, but they’re also all democracies and the group deals as much with political issues as with financial ones. Of late, the G-7 has become one of the leading voices when it comes to climate change.

Russia was a member of the G-7 from 1997 to 2014, thus changing the name to the G-8, but was expelled when it forcibly annexed Crimea. Current debate on excluding Russia also from the G-20, for yet another military incursion, might bring back memories for some.

Russia still has some support in the G-20, especially from China, but it remains to be seen whether Russia will still have a seat at the table in October.

© 1998 - 2022 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNation

Elections 2022

More Elections 2022