Eleven leaders representing more than 2.2 billion people and over half of the world’s economy convened for the Group of Seven summit over the weekend, with all except one physically making the trip to Cornwall, England. This was the first G7 summit since 2019, with the 2020 meeting canceled due to the COVID-19 pandemic. The meeting’s stated purpose was to focus on leading the global recovery from the coronavirus while strengthening resilience against future pandemics, promoting future prosperity by championing free and fair trade, tackling climate change and preserving the planet’s biodiversity, and championing shared values.
As one might expect from such lofty goals and high-level representation, there was much fanfare and media coverage, but what should we make of it all?
To understand what to take away from this latest meeting of the G7, it is helpful to recall what the G7 is all about. First and foremost, G7 nations have the ability to shape the trajectory of the world’s economy. At least that was the original concept when a small group of world powers convened informal meetings in the early 1970s to respond to a global recession and other financial crises.
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