Demographic and Socio-Economic Development — Evidence from G7 Countries

Abstract

Background: The Group of Seven Nations (G7) include Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Of these nations, all seven are top-ranked countries for the highest net wealth per capita, leading export countries, and five are on the list of top 10 countries with the largest gold reserves. Represent over 46% of the gross domestic product globally. These countries represent over 32% of the GDP and advanced in technologies. Purpose: This paper aims to discover the development scenario among G7 countries from 2000 to 2020. The paper’s second intent is to compare developmental indicators among those groups of seven countries. Finally intent is to find out how these countries are leading economic development and advancing in supplying goods and services. Findings: This paper examined the socio-economic and demographical growth and development that have occurred in these two decades, from 2000 to 2020, among G7 countries. The authors explained the various development indicators of seven (G7) countries: demographical variables’ population, number of habitats, and fertility rate. The paper analysed socio-economic development variables like life expectancy, employment-population ratio and employment-population ratio among women, youth unemployment rate, gross domestic product (GDP), GDP growth rate, GDP per capita, imports and exports of goods and services, inflation rate. The author has applied the pooled group data (PGD) for individual countries’ two decadal growth and development presents.