The G8 countries are a group of eight major industrialized nations that meet annually to discuss economic and political issues. Italy is one of the G8 countries, with its five-letter abbreviation being ITALY. Italy is a founding member of the European Union and is the world's 23rd-most populous country. It is also the fourth-largest economy in the Eurozone and the eighth-largest in the world. Italy is known for its rich culture, art, cuisine, and fashion.