Category: Economics
G-8 Group of Eight
The G-8, or Group of Eight, is a group of heads of state from eight industrialized democracies in the northern hemisphere.
The G-8 used to be known as the G-6, or Group of 6. In 1976, Canada joined, making the group the G-7. Then, in 1997, Russia joined forming the G-8.
The European Union is also represented in the G-8 but is not accorded the same status as each of the countries that form the eight. Some have called in the G-9, in recognition of the EU, who has participated on an even level as all the other nations since its inclusion.
G-7 Group of Seven
The G-7, or Group of Seven, is a group of Finance Ministers that analyzes, discusses, evaluates and acts on the most critical issues of the global economy. These seven leaders represent the most developed and industrialized economies in the world.
The G-7 meets multiple times each year to review economic conditions and policies.
G-7 is not the same as G-8, which holds yearly meetings between government heads, instead of finance ministers.
World Bank (WB)
The World Bank (WB) is a multinational corporation aiming at the alleviation of poverty. It facilitates various economies of the world in following sustainable economic growth. The World Bank was formed in 1944 as a part of the Bretton Woods system for reconstructing countries devastated during WW-II.
The World Bank comprises of the following two institutions:
Indo-Switzerland Economic Relationship
The assistances given by Switzerland are mainly in the form of grants and been provided for local costs as well as technical assistances. There was the time when Switzerland providing mixed credit comprising 40 per cent grant and 60 per cent loan for power sector project.
