From Longman Business Dictionary
Group of SevenˌGroup of ˈSeven abbreviation G7 nounECONOMICSORGANIZATIONS the countries with the seven largest economies: Britain, Canada, France, Germany, Italy, Japan, and the US, before they were joined by Russia to form G8. Their finance ministers met regularly to discuss economic and financial subjects that affect them and other countriesThe Group of Seven should act against financial market speculation and stabilise exchange rates.