(Bloomberg) -- The rise of China, India and Brazil means that the economic importance of the Group of Seven has deteriorated, according to Burkhard Varnholt, deputy chief investment officer of Credit Suisse Group AG. “The G-7 used to be the seven most powerful economic countries in the world -- now those times are long gone,” Varnholt said in an interview with Bloomberg Television's Nejra Cehic on Monday. “That's why the G-20, if anything, are more relevant and important.”
To contact the reporter on this story: Zoe Schneeweiss in Zurich at zschneeweiss@bloomberg.net.
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Paul Gordon, Nancy Moran
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