G7 and G20

The G7 and G20 are informal groupings of the world's most important economies.

G7 (Group of Seven):

• Members: USA, Japan, Germany, UK, France, Italy, Canada (+ the EU as a guest)
• Represent approx. 45% of world GDP
• Meetings: annually, rotating presidency
• Topics: economy, security, climate, technology

G20 (Group of Twenty):

• G7 + China, India, Brazil, Russia, South Korea, Australia, Mexico, Indonesia, Saudi Arabia, Turkey, Argentina, South Africa + the EU
• Represent approx. 85% of world GDP and 2/3 of the world population
• Since the 2008 financial crisis, the most important forum for global economic policy

Why relevant for you? When the G7/G20 decide to close tax loopholes, tighten climate targets or change trade rules, it directly affects the economy, jobs and prices in Germany.