The difference between G-7, G-8, and G-20 — and why they matter

Here's what the G-7 summit is all about

You've probably heard about the G-7 summit.

It's an annual meeting of world leaders, where they discuss global issues, and pose for an obligatory photo op. But what about the G-8 and G-20?

Here are the differences.

Leaders attend the Summit of the Heads of State and of Government of the G7, the group of most industrialized economies, plus the European Union, on May 26, 2017 in Taormina, Sicily.
Eliot Blondet AFP Getty Images

G-7, or "group of seven," mainly has to do with politics. After the first oil shock of the 1970s, economies across the world were suffering, and global leaders wanted to do something about it. So, a group of government officials decided to meet and figure things out. Members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. In addition, the presidents of the European Council and the European Commission represent the EU at G-7 summits.

In 1998, Russia joined the club, making it the G-8, but it was kicked out in 2014 after its annexation of Crimea. So now we're back to G-7. However, Trump said Friday that Russia should be reinstated in G-7 talks.

The G-20 is all about money and has 20 members. Its members represent 85 percent of global economic output, and it's a little less exclusive than the G-7. The members are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.

Both summits have traditionally drawn outrage and protest among activist groups demonstrating against capitalism, patriarchy and racism.

This year's G-7 summit takes place in Quebec on Friday and Saturday.