G20 finance chiefs to address global economic threats

The top financial leaders of the Group of 20 major economies are meeting in the southern Indian technology hub of Bangalore this week to address a myriad of challenges to global growth and stability, including stubbornly high inflation and rising Of the debt.

India hosts the G-20 financial conclave for the first time in 20 years. Later in the year it will convene its first summit of G-20 economies. The meetings offer the world’s second most populous country a chance to showcase its rise as an economic powerhouse and its status as a champion of developing nations.

This week’s meeting of finance ministers and central bank governors comes just a year after Russia invaded Ukraine, unleashing a cascade of shocks to the world economy, most notably decades-high inflation. US Treasury Secretary Janet Yellen is expected to address the global economic impacts of the war during the G-20 meetings.

India is among those treading carefully between Western nations and Russia, eager to claim greater global influence but wary of becoming embroiled in antagonism as its economy benefits from purchases of discounted Russian crude oil.

“India has an increasing leading role globally,” Information Minister Anurag Thakur said on Wednesday, reiterating Indian Prime Minister Narendra Modi’s stance that “this age is not one of war. Dialogues and discussions are the only way to go.”

Hosting more than 200 G-20 meetings in 28 cities ahead of the November summit, Modi is expected to use that role to polish India’s stature as a leader in the fight against climate change and act as a bridge between interests of industrialized nations and developing countries.

“We don’t have the resources that developed countries have, but within the minimum resources we have also achieved a lot in sectors like space and renewable energy like green hydrogen,” Thakur said.

It is an urgent priority, given the growing importance of emerging economies for global growth: the International Monetary Fund estimates that India and China alone will contribute more than half of global economic growth this year, while other Asian countries will contribute another quarter. part of that expansion with annual rates. growth rates of 6% to 7%.

[Con información de The Associated Press]

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