The G8 members have plenty of economic problems to grapple with over the next three days. The three largest developed economies, the United States, Japan and Germany have all seen their performance deteriorate. It started with a sharp slowdown in economic growth in the United States, which has exacerbated the decade-long problem of stagnation in Japan.

The US slowdown has also affected Germany and the other developed G8 countries. In addition, there are deepening concerns in the financial markets about the possibility of a debt default by Argentina. The G8 won't want to be seen to panic, but there are clearly reasons for concerns about global economic prospects.

to grapple with - to try hard to solve

deteriorate - become worse

slowdown - when there is a slowdown in a country’s economy, it grows more slowly than before or it does not grow at all.

exacerbated - made worse

stagnation - a situation where the economy of a country does not grow.

deepening concerns - increasing worries

Within the group, Russia stands out as a country whose economic position has been transformed for the better in the last three years. Russian leaders have in the past come to these meetings anxious for financial assistance, and the country still has serious economic problems.

But, after the Russian financial crisis of 1998, the country's economy has strengthened more than seemed possible at the time. President Putin won't need to feel quite so uneasy about his country's economy as his predecessor probably did.

stands out - if something stands out, it is more noticeable

transformed for the better - if something transforms or changes for the better, then it improves

anxious for - if you are anxious for something you want or need it very much

uneasy - worried or anxious

predecessor - someone’s predecessor is the person who had their job before them.