G20 members condemn Russia for recession in global economy | World | T.W.

Several countries in the G20, the planet’s largest group of industrialized and emerging nations, “acknowledge that Russia’s war against Ukraine has slowed the recovery of the global economy and is facing a severe setback as a result,” the report said early on. Sunday (1707.2022) after a meeting of Finance Ministers and Heads of Group Central Banks in Bali.

The speech was prepared by Indonesia, which organized the event, because of disagreements between G20 members Russia, China and India, and no joint statement on Russian influence. The world economy faced an invasion of Ukraine, full inflationary pressures, and a food and energy crisis.

According to the report, many states condemned the war and stressed the need to end the war. “Problems have been exacerbated by imbalances between supply and demand, disruptions in exports and increases in prices,” the text says, which also highlights increasing food and energy security. In large measure.

Despite everything, there were “concrete achievements”.

Without giving further details, the document added, “One member revealed that sanctions (against Russia for invading Ukraine) are exacerbating current challenges.” The participants “failed to issue a joint statement due to their differing positions on addressing global economic challenges, particularly inflation.

Indonesian Finance Minister Sri Mulyani Indravati said after Saturday’s meetings that “every country has an irreconcilable position and they want to express it, especially in the (Ukraine) war.” Nevertheless, he assured that “conclusive achievements” had been made, particularly in relation to discussions on climate change and measures to prevent future epidemics and proposals to alleviate food insecurity.

The next financial meeting of the G20 will be held in Washington in October, having already been held in April, where no consensus was reached due to divisions over Ukraine.

DZC (European Press, EFE)