Interpreting the new economy as a new path of macroeconomic development, rather than as a new industry, seems to be a more promising approach. The following three factors contribute to such a development: information technologies, globalisation, and appropriate economic policy. The latter two factors are especially important, which addresses the following two questions: first, whether growth — in particular, growth in the new economy — is a global phenomenon that demands global action if it is to be fostered; and, second, what possible contribution can the G7 make to foster such growth in a global context. The need for and nature of serious work for the G7 are identified through an exploration, in turn, of the new economy in the context of globalisation, the global and local dimensions of growth, and the G7's contribution to global growth. It suggests that the G7's most important contribution to global economic growth comes through a solid, growth-oriented domestic economic policy.