Divided G20 worsens economic situation – GulfToday

Divided G20 worsens economic situation – GulfToday

The G20 meeting of finance officials, held in Washington on Thursday, reflected the economic and political tensions in the world. The G20 comprising the advanced economies (AEs) and the emerging market economies (EMEs), which came into existence in the wake of the 2008 global financial meltdown, and which includes Russia, is once again facing a critical situation. Indonesian Finance Minister Sri Mulyani Indrawati – Indonesia is the president of G20 this year – told reporters, “This is an extraordinary situation. It’s not business as usual, a very dynamic and challenging one.” United States’ Treasury Secretary Janet Yellen and Federal Reserve Chairman James Powell walked out of the meeting, protesting the presence of the Russian delegation. Bank of England Governor Andrew Bailey, Canadian Finance Minister Chrystia Freeland and European Central Bank Governor Christine Lagarde also walked out. China, India, Indonesia, and South Africa are among the countries who did not condemn Russia’s invasion of Ukraine or impose economic sanctions like the Western countries. Indrawati told reporters, “In order for us to recover together…we need more and even stronger cooperation. The G20 is still… the premier forum for all of us to be able to discuss and talk about all the issues.”