Two of the most important international groupings of the largest economies are called G7 and G8. G7 currently includes the seven countries Canada, France, Germany, Italy, Japan, United Kingdom, and United States while G8 includes all the G7 countries as well as Russia.
Given the amazing economic growth in the BRIC countries (Brazil, Russia, India and China), G7 and G8 will soon replace Canada, Italy and France by the three fast-growing economies India, Brazil and China. These three countries already have or will soon have higher GDP than Canada, Italy and France. On a Purchase Power Parity (PPP), the USA has a GDP of 15 Trillion dollars, China 11, India 4.5, Japan 4.4, Germany 3, Russia 2.4, and Brazil 2.3. Further discussions are continuing on the role of countries like Turkey, South Korea, South Africa and Mexico. These countries are already part of the G20 group of major economies but if they continue to grow faster than the Western countries then one or two of them may claim a seat at the G8 table.
