#Editorial_explanation
#the_Hindu_editorial
The next G7 summit, tentatively scheduled in Washington DC in mid-June, has been postponed by the host, U.S. President Donald Trump. His decision followed German Chancellor Angela Merkel’s decision to stay away from the meeting, OSTENSIBLY because of restrictions on travel imposed by COVID-19. She may not have wanted to go just for a photo opportunity. The recent meetings of G7 have had DESULTORY results.

Logic of expansion
While postponing the summit “to at least September”, Mr. Trump declared that in any case, the G7 “is a very outdated group of countries” and no longer properly represented “what’s going on in the world”. He asked, rhetorically, why not a G10 or G11 instead, with the inclusion of India, South Korea, Australia and possibly Russia?
Elaborating this logic, the White House Director of Strategic Communications said the U.S. President wanted to include other countries, including the Five Eyes countries (an intelligence alliance comprising Australia, Canada, New Zealand, the United Kingdom and the United States), and to talk about the future of China. A Chinese Ministry of Foreign Affairs official immediately reacted, labelling it as “seeking a CLIQUE targeting China”.n
China’s objection to an expanded G7 is no reason for India to stay away from it, if invited to join. India has attended several G7 summits earlier too, as a special invitee for its outreach sessions. India’s Prime Minister was guest invited to Biarritz, France to the G7 summit last year, along with other heads of government (Australia, Burkina Faso, Chile, Egypt, Rwanda, Senegal, Spain, and South Africa).

The G7 emerged as a restricted club of the rich democracies in the early 1970s. The quadrupling of oil prices just after the 1973 Arab-Israeli War, when members of the Organization of the Petroleum Exporting Countries (OPEC) imposed an EMBARGO against Canada, Japan, the Netherlands, and the United States, shocked their economies.

Although the French were spared the embargo, the chill winds of the OPEC action REVERBERATED around the world. French President Valéry Giscard d’Estaing invited the Finance Ministers of five of the most developed members of the Organisation for Economic Cooperation and Development, the United States, Germany, Japan, Italy, and the United Kingdom, for an informal discussion on global issues. This transformed into a G7 Summit of the heads of government from the following year, with the inclusion of Canada (1976), and the European Commission/Community (later Union) attending as a non-enumerated member, a year later.

On the initiative of U.S. President Bill Clinton and British Prime Minister Tony Blair, the G7 became the G8, with the Russian Federation joining the club in 1998. This ended with Russia’s expulsion following the annexation of Crimea in 2014.

Economic circumstances

When constituted, the G7 countries accounted for close to two-thirds of global GDP. According to the 2017 report of the accountancy firm, PwC, “The World in 2050”, they now account for less than a third of global GDP on a purchasing power parity (PPP) basis, and less than half on market exchange rates (MER) basis.

The seven largest emerging economies (E7, or “Emerging 7”), comprising Brazil, China, India, Indonesia, Mexico, Russia and Turkey, account for over a third of global GDP on purchasing power parity (PPP) terms, and over a quarter on MER basis. India’s economy is already the third largest in the world in PPP terms, even if way behind that of the U.S. and China.

By 2050, the PwC Report predicts, six of the seven of the world’s best performing economies will be China, India, the United States, Indonesia, Brazil, and Russia. Two other E7 countries, Mexico and Turkey, also improve their position. It projects that India’s GDP will increase to $17 trillion in 2030 and $42 trillion in 2050 in PPP terms, in second place after China, just ahead of the United States. This is predicated on India overcoming the challenge of COVID-19, sustaining its reform process and ensuring adequate investments in infrastructure, institutions, governance,



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