In 1975 the G7 countries produced 70% of global GDP; their share has since shrunk to some 40%
IN THE BEGINNING there were six. The instigators were President Valéry Giscard d’Estaing of France and Chancellor Helmut Schmidt of Germany. In 1975 they were joined by the leaders of four other big Western industrialised countries—America, Britain, Italy and Japan—at the Château de Rambouillet near Paris to discuss the world economy, at the time beset by unemployment, inflation and energy woes. The addition of Canada the following year made it a Group of Seven .
That may hint at a future for the club. Whether or not it transforms itself formally from a G7 into a D10 , shared values in the face of a growing challenge from China and other authoritarian countries could give it a renewed sense of purpose. It helps that in Joe Biden America once again has a president who believes in those values and in the power of alliances.
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