Powerful Organisations and groups

G7 Members and Headquarters

Canada, France, Germany, Italy, Japan, UK, USA

No headquarters, the member country holding the G7 presidency is responsible for organising and hosting the year’s summit

G20 Members and Headquarters

Made up of International assembly of governments and central bank governors from 2 major countries.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, S.Korea, Mexico, Russia, Saudi Arabia, S.Africa, Türkiye, UK, USA, EU

No permanent Headquarters, They Hold 2 summits every year.

OECD (Organisation for Economic Cooperation and Development) Members and Headquarters

38 Members from the Americas, Asia-Pacific Europe E.g. Mexico, Sweden, Spain, Australia, UK, USA, France, Germany, Italy, Japan, Canada

In Paris, France

OPEC (Organisation of the Petrolem Exporting Countries) Members and Headquarters

Saudi Arabia, UAE, Nigeria, Libya, Venezuela, Iran, Indonesia, Angola

In Vienna, Austria since 1965

IMF (International Monetary Fund) Members and Headquarters

Under the Umbrella of the UN

It has always had a European president but it is based in Washington DC

NDB (New Development Bank) Members and Headquarters {Formally the BRICS Development Bank}

Brazil, Russia, China, India, South Africa

In Shanghai

World Bank Members and Headquarters

Represents 186 countries, made up of two development institutions: The International Bank for Reconstruction and development (IBRD) and the International Development Association (IDA).

In Washington DC

What does G7 aim to do?

They discuss issues such as global economic governance, international security and energy policy

What does G20 aim to do?

Their main goal is economic governance and also discussing the effects of an aging population, reforming the world bank and IMF

What does OECD aim to do?

Aims to promote policies that will improve the economic and social well being of people around the world. Member states have signed a formal agreements on protecting the environment and tackling the challenge of aging populations

What does OPEC aim to do?

To combat oil price cuts from American and European Companies

What does IMF aim to do?

Monitors the economic development of countries. It lends money to states in financial difficulty which have applied for assistance

What does NDB aim to do?

Supports public or private projects through loans, guarantees, equity participation and other financial instruments

What does the World Bank aim to do?

To fight poverty in developing countries around the world by providing resources, sharing knowledge and building capacity.

Facts about G7

Altogether their GDP Is worth 49.3trillion USD

Facts about G20

65% of the world population are in a G20 group.

They hold 85% of global GDP

Facts about OECD

Spain has the highest Number of direct and indirect mitigation policies at 82

Facts about OPEC

In 1979, OPEC Countries produced 65% of the worlds petroleum but only 36% by 2007

Facts about IMF

Between 2010-15 almost $40 billion was lent to Greece to help in it’s economic crisis

Facts about NDB

$100 billion/year from multilateral banks according to them is not enough to meet infrastructural development needs of emerging economies

Facts about World Bank

US$65 Billion in loans & grands given 2014

Positives of G7

• The forums small and relatively homogenous membership promotes collective decision making

Positives of G20

• They are able to work towards dealing with / mitigating economic crisis

Positives of OECD

• Good progress towards clamping down on tax evasion from TNCs

Positives of OPEC

• Middle eastern countries granted economic and political power

Positives of IMF

• Has helped countries across the development spectrum when they encounter financial difficulty

Positives of NDB

• Its an important step for co-operation between BRICS Nations

• Compliments assistance to developing countries providing aid for them

Positives of World Bank

• Has sent out loans etc to help countries to come back from dept

• Provides low-interest loans, grants and expert advice for infrastructure, education, health and environmental projects

Negatives of G7

• It often lacks follow through and excludes important emerging powers

• The G7 Countries do not include large economies like China, India

Negatives of G20

• Due to the large size of the G20, differing views of members make it hard to agree and act on certain issues

Negatives of OECD

• OECD economists failed to predict the slow down in the world economy which began in 2008

Negatives of OPEC

• Concerns that OPEC members had little excess pumping capacity

• Many members are destabilised by civil war / international conflict.

• Collapse in oil prices 2015 left them in need of bail out from the IMF

Negatives of IMF

• The USA and European countries exert too much influence over IMF Policies

• There are Strict conditions imposed on borrowing governments. E.g. they have to agree to run a free market economy and be open to investment from TNCs, they also be required to dial back on spending on public services

Negatives of NDB

• May not be the most powerful bank in terms of the countries economy

Negatives of World Bank

• Seen as neo-colonialism

• Statistics shoe that poverty and environmental effects have worsened

• Traditional economic structures and values have been abandoned for more western ones

• Its run by a small number of rich countries

• Its free market reform policies are harmful to economic development according to some critics