G20 financial leaders will assess the damage to the global economy on the anniversary of the Ukrainian war – #G20 #financial #leaders #assess #damage #global #economy #anniversary #Ukrainian #war
BENGALURU, Feb 24 (Reuters) – Global financial leaders will take stock of the economic toll from Russia’s war in Ukraine as they meet on Friday on the first anniversary of the conflict, raising some concerns that more sanctions against Moscow will hamper a modest improvement in economic growth.
Outside India’s tech hub Bengaluru, G20 finance ministers and central bank The leaders’ meeting comes amid signs that the global outlook has improved since the group’s last meeting in October, when several G20 economies teetered on the brink of an energy recession. and rising food prices caused by the war.
USA Treasury Secretary Janet Yellen highlighted the improvement on Thursday, saying the global economy is “in a much better place today than predicted a few months ago.”
The International Monetary Fund forecasts global GDP growth for 2023 at 2.9%, down from a forecast of 2.7% in October, but still well below the 3.4% achieved in 2022.
Yellen attributed the improvement in part to cooperation between G20 central banks and governments last year in taking strong steps to tame inflation, even at the expense of growth.
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USA and in addition to lower energy prices in other countries inflation has also decreased, but Yellen added that such efforts must continue and that reducing food shortages, energy prices and Russia more must be done to reduce the effects of war, such as lowering their incomes.
Yellen and her G7 colleagues on Thursday called for more financial support for Ukraine and vowed to continue tough sanctions against Russia.
Japanese Finance Minister Sunichi Suzuki, chairman of the G7, told reporters that the group would closely monitor the effectiveness of the sanctions and “take additional measures if necessary.”
German Finance Minister Christian Lindner said that Russia pressure on Russia to “completely isolate” its economy should be kept at a high level.
But according to government sources, Russia the desire to tighten its economy further is not shared by some members of the wider G20 group, notably India, which does not want additional sanctions against Russia during its presidency of the G20 this year.
An Indian official said that the current sanctions against Russia, which has historical ties with India, “have a negative impact on the world”.
New Delhi is taking a neutral stance on the conflict by significantly increasing its purchases of cheaper Russian oil and rejecting the word “war” in the G20 communique talks. Russia calls its actions in Ukraine “special military “operation” is called.
Yellen said the communique was still being discussed and she hoped it would strongly condemn Russia’s invasion and the damage it is doing to Ukraine and the global economy.
Reporting by David Lawder, Aftab Ahmed and Christian Lindner; Edited by Andrew Heavens
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2023-02-24 05:07:51
Source – reuters
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