The next G7 summit, tentatively scheduled in Washington DC in mid-June, has been postponed by the host, U.S. President Donald Trump. 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). Economic circumstancesWhen constituted, the G7 countries accounted for close to two-thirds of global GDP. Also read | U.S. joins G7 artificial intelligence group to counter ChinaBy 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. Also read | For BRICS, challenges and opportunitiesA new international mechanism will have value only if it focuses on key global issues.

Source: The Hindu June 10, 2020 18:33 UTC