"Group of Eight refers to the US, Japan, Germany, France, the UK, Italy, Canada and Russia. Formally known as the G7 before Russia officially joined in June 2002. The G8 is the most influential group of developed countries in terms of its role in the setting policy in the international financial system."
Basically the G8 are the economic backbone of the world economy, but it doesnt mean they are only ones holding economy together. They are in a way an alliance, it doesnt mean they are superpower or anything, it has more relation to the "financial system".
http://www.afsc.org/africa-debt/jargon.htm
Firstly i didnt say that Russia was the fastes growing nation!
"Global output rose by 4.9% in 2004, led by China (9.1%), Russia (6.7%), and India (6.2%). The other 14 successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 7% range of growth. Growth results posted by the major industrial countries varied from a small gain in Italy (1.3%) to a strong gain by the United States (4.4%). "
http://www.odci.gov/cia/publications/factbook/geos/xx.html#Econ
China:
purchasing power parity - $7.262 trillion (2004 est.)
9.1% (official data) (2004 est.)
military expenditure:$67.49 billion (2004)
India:
purchasing power parity - $3.319 trillion (2004 est.)
6.2% (2004 est.)
military expenditure $16.97 billion (2004)
America:
purchasing power parity - $11.75 trillion (2004 est.)
4.4% (2004 est.)
$370.7 billion (FY04 est.) (March 2003)
just a comparison, CIA FActbook. Remember though the figures arent that important, look at the %GDPs which i didnt post , but go CIA Factbook ur self!
