Olga Magomedova: “The G7 club of the world's largest economies is no longer relevant”

"As a club of the largest economies, the G7 club has already lost its relevance as it was founded in the 1970s realities. In many economic indicators, the G7 nations are inferior to the economies of previously considered developing countries. For example, according to World Bank statistics on GDP, the top 7 countries are China (2nd) and India (6th), pushing France and Italy out of the top. Furthermore, the G7 were structured based on the logic of economic dominance, but in a digital economy involving decentralization of value-added production and diversification of supply chains of various goods, formats of regional or thematic interaction are more acceptable for Russia’s economic cooperation with other countries," the expert said.