ADB or the Asian Development Bank is an international financial institute operating since 1966. ADB provides financial assistance to its member nations for poverty reduction and improvement in the quality of life. To finance its projects, ADB issues bonds and also leverages the contributions made by participant countries.
The organization was started with the following objectives:
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.
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.
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:
The economic relationship between US economy and China economy is growing very fast as the former is world’s largest economy while later is the world’s fastest growing economy.
