Group of 8 (G-8)

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Definition of 'Group of 8 (G-8)'

The Group of Eight (G-8) is an international forum for the governments of eight powerful countries: Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union. The G-8 was created in 1975 as an informal meeting of the world's leading industrialized countries. The group meets annually to discuss economic and political issues of global importance.

The G-8 is not a formal organization, and it has no permanent secretariat or headquarters. The group's meetings are hosted by each member country in turn. The G-8's decisions are not binding on its members, but they often serve as a guide for international cooperation on economic and political issues.

The G-8 has been criticized for being dominated by the interests of its most powerful members, and for failing to address the needs of developing countries. However, the group has also played an important role in promoting international cooperation on a wide range of issues, including climate change, global financial stability, and poverty reduction.

The G-8 has been in decline in recent years. The global financial crisis of 2008 highlighted the growing economic power of emerging economies, such as China and India. These countries have called for a more inclusive forum for international cooperation, and they have been critical of the G-8's focus on the interests of its most powerful members.

In 2014, the G-8 was expanded to include the leaders of Brazil, China, India, Mexico, and South Africa. The new group, called the Group of Twenty (G-20), is now the premier forum for international economic cooperation. The G-8 remains an important forum for political dialogue, but its role in global economic governance is declining.

The G-8 has been a controversial organization since its inception. Critics argue that the group is undemocratic and that it does not represent the interests of the world's poor. Supporters argue that the G-8 is an important forum for dialogue and cooperation on global issues. The future of the G-8 is uncertain, but it is likely to remain an important player in global governance for the foreseeable future.

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