G8 – What is the G8 – Group of Eight?

What is the G8?

Definition of G8: This is also known as Group of Eight. It can be explained as a forum created by the developed countries collected in 1974 by France. It was made for the administrations of eight different nations located in the northern part to converse about the important state matters and global economy. The countries included in it are the eighth largest market economies of the world. The countries included in this group are Japan, Germany, United Kingdom, Italy, Canada, United States, Russia and France. Also known as G7 and expanded to G20 and G10. This is a separation of the large Organization of Economic Cooperation including 32 countries. The head of all these countries meet in an annual manner in order to argue economic and political issues of common concern, while the Group of Eight finance ministers and various other offices meet in a frequent manner in order to offer support and discuss economic policy. Joined together, the eight different countries included in the Group of Eight represent nearly 14% of the total population but they include nearly 60% of the World Product as calculated by the domestic product. As the meetings have a high outline, they attract a particular criticism amount.