Does G8 hold significance in the contemporary world?

The recent transformation in global political order has changed many things. One of them is that the world is no more moved by a few countries like G-7/8. The rise of Brazil, China and India is phenomenal and any group without them trying to address critical issues like climate change, sky rocketing food and oil prices and credit crunch may prove to be paper tiger. Still, it shouldn’t be forgotten that G-7/8 account for a major chunk of world economy. They may not be the whole world but can turn out to be major influencers.

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