With the COVID-19 pandemic and the Russo-Ukrainian war, institutions that were an integral part of the rules-based order for the last seven decades have shown their inability to respond to these types of challenges.

The open question for global policymakers is whether existing institutions can adjust to the new international climate and adjust in a way that provides for potential longevity and not merely short-term fixes.

The Group of Seven of the largest economies in the world has served as a forum for like-minded countries to dialogue on a multilateral and bilateral basis for nearly 50 years. Originally envisioned as a Cold War capitalist bloc of developed, democratic countries, the G7 — over 44% of global gross domestic product excluding the EU — continues to tilt heavily to North America and Western Europe.