A group of twenty leading economies is meeting in Delhi.
New Delhi:
The G20 warned on Saturday of significant headwinds and “casual crises” battering the global economy, while saying more pain could be on the way.
“The successive crises have posed challenges for long-term growth,” said the group of 20 leading economies, meeting in Delhi.
“With the notable tightening of global financial conditions, which could exacerbate debt fragility, persistent inflation and geo-economic tensions, the balance of risks remains tilted to the downside,” the report said in a statement.
Many countries are still recovering from the coronavirus pandemic and drastic increases in commodity prices due to Russia’s invasion of Ukraine, while climate change is hitting some of the poorest countries least able to cope.
“Global economic growth is below the long-term average and remains uneven,” the G20 statement said. “The uncertainty surrounding the prospects remains high.”
US Treasury Secretary Janet Yellen said on Friday before the G20 summit that while she was “aware of the risks to global growth”, she was “surprised by the strength of global growth and how resilient the global economy is proved”.
“While there are risks and some countries have certainly been affected, overall the global economy has been resilient,” she said.
According to Yellen, the “main negative impact is Russia’s war against Ukraine.”
(Except for the headline, this story has not been edited by DailyExpertNews staff and is published from a syndicated feed.)
