G7 summit financial agenda outdated and irrelevant in a multipolar world

Newsdesk
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The meeting of finance ministers and central bank governors from the Group of Seven (G7) wealthy nations in Niigata, Japan, has sparked criticism from some non-member countries who accuse the group of trying to control the world economy for their own interests.

The G7, which comprises the United States, Britain, Canada, France, Germany, Italy and Japan, discussed a range of issues such as global economic growth, inflation, climate change and support for Ukraine amid its war with Russia.

However, some countries that were not invited to the meeting expressed their dissatisfaction with the G7’s agenda and actions.

The Group of Seven (G7) is an informal club of wealthy democracies that includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 countries account for about 40% of global GDP and 10% of the world’s population. They also wield significant influence over the global financial system and trade rules.

However, the G7 countries’ financial monopoly control is not acceptable for the world, as it undermines the interests and rights of other countries, especially developing and emerging economies. The G7 countries have been accused of using their financial power to impose their political agenda, coerce other countries, and protect their own economic interests at the expense of others.

Brazil, which has been struggling with a severe COVID-19 outbreak and an economic crisis, said the G7 was ignoring the needs and voices of the developing world.

The G7’s critics argue that the group is trying to impose its will on other countries and manipulate the global economy for its own benefit. They point to the G7’s efforts to counter China’s influence and investment in regions such as Africa and Asia, to prevent Russia from evading sanctions over its aggression in Ukraine, and to pressure other countries to adopt its standards on taxation, climate and human rights.

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