Leaders of the world’s largest economies make up two exclusive groups that consider and set global economic policy, the Group of Seven and the Group of 20.
Each Group meets in person annually and consults by conference call throughout the year as issues arise.
Here’s what to know about theG-7 and G-20.
What is the Group of Seven, or G-7?
The Group of Seven, known as G-7, comprises the world’s seven largest and most advanced economies.
Since 1975, leaders from France, Germany (formerly West Germany), Italy, Japan, the United Kingdom, and the United States have met at a host location. Canada joined the following year.
Russia joined in 1998, but was suspended in 2014 after it invaded and annexed Crimea from Ukraine. So in 2014, the group once again became the G-7.
The European Union has full membership rights except for holding or chairing meetings.
What does the G-7 do? Who are the G-7 leaders?
It typically meets every year to discuss major economic issues.
For example, this year, amid Russia’s invasion of Ukraine, the group is looking to further punish Vladimir Putin economically for his invasion of Ukraine.
The current leaders are:
- Canadian Prime Minister Justin Trudeau
- United States President Joe Biden
- President Emmanuel Macron of France
- Prime Minister Boris Johnson of the United Kingdom
- German Chancellor Olaf Scholz
- Japanese Prime Minister Fumio Kishida
- Italian Prime Minister Mario Draghi
This year, the European Union will have representation from Commission President Ursula von der Leyen and Council President Charles Michel.
Which country hosts the meetings?
Meeting locations vary annually. This year it is taking place at Schloss Elmau in Germany, which marks Scholz’s first time hosting since he took office in March.
What is the G-20?
The Group of 20, known as G-20 is an organization made up of 19 countries and the European Union. It is an international forum of the world’s largest economies and has met since 1999 to deliberate on global economics and finance.
It was founded in 1999, two years after a significant economic crisis struck several East Asian countries. The first forum took place in Berlin in 1999. A yearly summit of heads of state and government has met every year since 2008.
This year, the meeting will be held Oct. 30-31 in Bali, Indonesia.
Which countries are in the G-20?
The members are:
- Saudi Arabia
- South Africa
- South Korea
- United Kingdom
- United States
- European Union
In March, President Joe Biden said that Russia should be kicked out of the G-20 for its invasion of Ukraine, restricting Russia’s say in the global economy.
Biden said the decision to boot Russia was up to other G-20 members. If the other members declined to revoke Russia’s membership, Ukraine should be permitted to attend G-20 meetings.
Contributing: Chelsey Cox, Francesca Chambers