The meeting of G7 countries is going on in Cornwall, England. The expectation from this meeting is to draw out a framework that is inclusive and resilient in nature. The new Cornwall Consensus should be able to overcome the lacunas of the current Washington consensus.<\/span><\/p>\n The Washington consensus supports the notion of free market and globalization. However, it failed to prevent the occurrence of the 2008-09 financial crisis, raised inequalities within the countries, and neglected focus on social goods like education and health. Due to this, the countries are facing greater challenges in coping up with the Covid-19 pandemic. Thus, relying on the Washington consensus is not feasible for developed as well as developing countries.<\/span><\/p>\n Therefore, it is now imperative that grouping creates a new consensus that can reflect the demands of the 21st century.\u00a0\u00a0<\/span><\/p>\n The grouping should become more representative in nature and emerging economies like India and South Korea must be made a part of the group. The new principles and policies of the group should reflect a global outlook rather than merely focusing on the myopic interests of the developed world. This would result in prudent tackling of global problems like climate change and the Covid-19 pandemic.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Introduction The meeting of G7 countries is going on in Cornwall, England. The expectation from this meeting is to draw out a framework that is inclusive and resilient in nature. The new Cornwall Consensus should be able to overcome the lacunas of the current Washington consensus. The Washington consensus supports the notion of free market… Continue reading G7 countries (Group of 7)- Issues and Prospects – Explained, Pointwise<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[130,9],"tags":[1420],"class_list":["post-112046","post","type-post","status-publish","format-standard","hentry","category-7-pm","category-public","tag-ir_3","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/112046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=112046"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/112046\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=112046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=112046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=112046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About G7 countries <\/b><\/h5>\n
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Current Scenario of G7 countries\u00a0<\/b><\/h5>\n
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Significance of G7 countries <\/b><\/h5>\n
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Issues with G7 countries <\/b><\/h5>\n
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Suggestions\u00a0<\/b><\/h5>\n
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Conclusion<\/b><\/h5>\n