Group of Five
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Nations of the G5
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Membership
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Group of Five
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The Group of Five (G5) encompasses five nations which have joined together for an active role in the rapidly evolving international order. Individually and as a group, the G5 nations work to promote dialogue and understanding between developing and developed countries. The G5 seek to find common solutions to global challenges. In the 21st century, the G5 were understood to be the five largest emerging economies, and these are:
The G8 plus the five largest emerging economies has come to be known as G8+5.
The Group of Five is a context-dependant shorthand term for a group of five nations. The composition of the five and what is encompassed by the term is construed differently in different time frames. Initially, the term "Group of Five" or "G5" encompassed the five leading economies of the world, but the use of the term changed over time. It came to be used to identify the next tier of nations whose economies had expanded so substantially as to be construed in the same category as the world's eight
The concept of a forum for the world's major industrialized democracies emerged following the 1973 oil crisis and subsequent global recession. In 1974 the United States created the informal Library Group, an unofficial gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan and France. These men were called the "Library group" because they met informally in the library of the White House in Washington, DC.
During the 1970s, the term "Group of Five" came to be identified the top five of the world's the leading economies as ranked by per capita GDP. Without the informal meetings of the G5 finance ministers, there would have been no subsequent meetings of G-5 leaders. In 1975, French President Valéry Giscard d'Estaing invited six heads of government from West Germany, Italy, Japan, the United Kingdom and the United States to an economic summit in Château de Rambouillet. At the time, it was impossible to predict whether this informal gathering would be meaningful or only a public relations event.
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