Letters

G-3

The term "G-3" or "G3" is a nickname given to the group of leading industrial economies in the world:

• The European Union
• Japan
• The United States

There are several other groupings of the leading industrial economies, including the G-7, the G-8, and the G-20. However, these are formal organizations, while the G-3 is simply a quick way of referring to these three economies.

How It's Used

“The timing of the BRIC summit, just a few weeks before U.S. President Barack Obama's arrival in Moscow and the G-8 meeting in L'Aquila, Italy, is hardly accidental. The event caps months of high-profile -- and largely constructive -- policy moves and statements by BRIC officials who have demonstrated that the commanding heights of the global economy are no longer the sole province of the so-called G-3: the United States, the European Union, and Japan.”

"So far in 2009, Asian companies sold $42.5 billion of international bonds denominated in the so-called G3 currencies of euros, dollars and yen, up 38% from a year earlier, according to data tracker Dealogic. Local-currency corporate bond issuance jumped 65% to $249.4 billion."

"According to the ADB [the Asian Development Bank] report, 60 percent of Asian exports' final destination is the G3 -- European Union, the United States, and Japan -- compared with 32 percent in terms of direct trade. This suggests that the advanced economies remain the primary destination of Asian exports, if one includes trade in intermediate goods within the region."

"The aggressive government stimulus measures in China and elsewhere mitigated the worst effects of the global crunch, Ms. Mocuta said. 'But the kind of recovery that we've seen in recent months comes from exports turning the corner.'

"Sustaining that recovery, however, depends on the health of the 'G3 economies,' she said. 'Ultimately, the level of demand in the U.S., in Europe and in Japan is still the key.'"

Also Known As (AKA)

"G3"

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