Member-only story
Western dominance is dying
The G7, or Group of Seven, has long been synonymous with global economic and political clout. Comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, this intergovernmental forum has historically shaped the world’s most pressing issues. However, recent developments suggest that the G7’s dominance is fading, raising the question: Is the G7’s power on the decline, and what does this mean for global governance?
Once Giants, Now Dwarfed by Emerging Economies
The G7’s economic influence peaked in the mid-20th century, controlling nearly 70% of the global nominal GDP. By 2019, this share had plummeted to 46.3%, reflecting the incredible rise of emerging economies such as China, India, and Brazil. This shift underscores a significant redistribution of economic power, challenging the G7’s traditional role as the world’s economic powerhouse.
Historical Context: From Financial Ministers to Global Leaders
The G7 began in 1973 as an informal gathering of finance ministers from the world’s largest economies, evolving into a formal platform where leaders could coordinate on global issues. The annual summits, attended by heads of state from each member country and representatives from the European Union, have historically been…
