// ECONOMIC AND SOCIAL SECURITY: MACROECONOMIC AND FINANCIAL POLICY
T he G7 could well face an existential crisis at Kananaskis because of US president Donald Trump. Whither the G7? In the 1980s and 1990s, the G7 – led by the United States – steered the global economy. But with the rise of emerging market powerhouses, the G7’s rela- tive heft declined. The G20’s Pittsburgh Summit in September 2009 declared the newer, bigger, broader G20 the pre- mier forum for its leaders’ international cooperation, assigning the G7 an infor- mal role. Then, over the following 15 years, the G20 floundered. Economic perfor- mance in Russia and Brazil weakened, as did China’s subsequently. Russia invaded Crimea and Donbas in 2014 and launched its horrific full-scale invasion in February 2022. US-China tensions mounted amid Chinese president Xi Jin- ping’s increased authoritarianism and America’s heightened focus on economic
The G7 at a critical crossroads
As longstanding alliances fray, shaking diplomatic and trade foundations of the global order, the G7 faces a crucial test of its cohesion and credibility at the Kananaskis Summit
Mark Sobel, US chair, Official Monetary and Financial Institutions Forum
38 // G7 CANADA: THE KANANASKIS SUMMIT 2025
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