Explanation: G7 is an intergovernmental economic group consisting of 7 largest IMF advanced economies such as Canada, France, Germany, Italy, Japan, the UK, and the US. EU is also represented within the G7 as an invitee.

• These countries are the seven major advanced economies as reported by the IMF. Formerly called G8 with Russia in it, but due to Crimean crisis, Russia was ejected from the group.
• The organization was founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971.
• G7 summit is being held annually to discuss economic policies, while the G7 finance ministers have met at least semi-annually.

Source: FORUMIAS