G7’s relevance tested as China tops industrial output and internal divides grow

At its meeting in Évian‑les‑Bains, France, the G7 – United States, Japan, Germany, Italy, United Kingdom, Canada and host France – continues to represent a large share of global GDP, technology and military power, but only three members (the United States, Japan and Germany) remain among the seven most industrialised economies in 2024, according to World Bank data used by Safeguard Global.

New data place China first with $4.66 trillion in industrial value added, the United States second with $2.91 trillion, while the G7 agenda is dominated by external crises such as the wars in Ukraine and the Middle East, tensions in the Strait of Hormuz, and competition over critical minerals and artificial intelligence. The summit reveals growing internal disagreements among Western allies and highlights the difficulty of coordinating a response in a multipolar world where China’s influence is felt despite its absence from the table.