#Economic Sanctions

The G7 Explained — How the World's Richest Democracies Steer the Global Economy

The Group of Seven (G7) serves as an informal steering committee for the world's leading advanced market democracies, coordinating macroeconomic policy, financial regulation, and international sanctions. Operating without a permanent secretariat or binding treaty, the G7 sets agendas for multilateral institutions like the IMF, World Bank, and OECD. This article examines the forum's history since 1975, its institutional mechanics, key policy accords, and structural challenges in an increasingly multipolar economy.