What Is the Group of Five?
The Group of Five (G5) denoted a group of countries with emerging economies, including Brazil, China, India, Mexico, and South Africa. The term "Group of Five" or "G5" historically referred to the five leading economies of the world: France, Japan, the United Kingdom, the United States, and West Germany.
Key Takeaways
- The Group of Five (G5) once described the country grouping that includes the emerging economies of Brazil, China, India, Mexico, and South Africa.
- Four of the countries are also considered BRICS nations.
- These "G" groups promote diplomacy, trade, and policy among members.
BRICS vs. G5
At a 2005 summit, the five largest emerging economies, including Brazil, China, India, Mexico, and South Africa, were dubbed the G5. Four of these countries are part of the alliance of BRICS nations. The BRICS grouping of Brazil, Russia, India, China, and South Africa gained prominence over the G5. In 2024, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates will join the BRICS bloc.
As of 2023, the G5's website is no longer available. An archived version says the group"plays an active role in the transformation of the international landscape to promote dialogue and understanding between developing countries and developed ones to find common solutions to global challenges."
"G" Country Groupings
Global political leaders and officials shape the work of the International Monetary Fund through groupings of nations with varied economies. Nations meet in various groupings such as seven, and twenty.
The Group of Seven (G7) is an assembly of the world's largestdeveloped economiesthat have established a position as pacesetters for theindustrializedworld. Leaders of member countries that include the U.S., the U.K., Canada, Germany, Japan, Italy, and France have met semi-annually since 1987 to monitor developments in the world economy and assess economic policies.
The Group of Twenty (G20) is a largergroup of finance ministers andcentral bankgovernors from 19 of the world's largest economies and theEuropean Union (EU). Formed in 1999, the G20 has a mandate to promote global economic growth, international trade, and regulation of financial markets. Its members are Argentina,Australia,Brazil,Canada, China, France, Germany,Japan, India,Indonesia, Italy,Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the U.K., the U.S., and the EU, with Spain invited as a permanent guest.
What Is the Role of the International Monetary Fund?
The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability and encourages international trade.
What Are the Largest Groupings of Nations in the IMF and Their Roles?
Focusing on the developing world, the Group of 24 (G24) was established in 1971 to coordinate developing countries in matters of international monetary and development finance issues. The G24 is a chapter of theGroup of 77 (G77), the largest intergovernmental group of developing states in the United Nations (UN).
What Are the Goals of the BRICS or Emerging Nations?
BRICS is a partnership of leading emerging markets and developing countries, providing friendship, solidarity, and cooperation to ensure political and security goals, financial and economic programs, and cultural recognition.
The Bottom Line
The Group of Five (G5) once described the country grouping that includes the emerging economies of Brazil, China, India, Mexico, and South Africa. Four countries are also considered BRICS nations, and six additional emerging economies will join in 2024. These "G" groups promote diplomacy, trade, and policy among members. BRICS and the organization of emerging nations seek to deepen economic cooperation between the member countries and rival the Western nations.
