BENGALURU, India—Top financial leaders from the Group of 20 leading economies are gathering in the south Indian technology hub of Bengaluru this week to tackle myriad challenges to global growth and stability, including stubbornly high inflation and surging debt.
“India has a growing leadership role globally,” Information Minister Anurag Thakur, said Wednesday, reiterating Indian Prime Minister Narendra Modi’s stance that “today’s era is not of war. Dialogues and discussions are the only way forward.” India’s economy is forecast to expand at a 6.1 percent annual rate this year after growing 6.8 percent last year, the IMF said in a report issued Monday.
The G-20 includes the world’s largest economies and has a rolling presidency. Last year, Indonesia was host and next year Brazil will take over, followed by South Africa in 2025. Yellen visited Zambia in January, in part to discuss the African country’s $6 billion debt to China, its biggest creditor. Zambia became the site of Africa’s first coronavirus pandemic-era sovereign nation to default when it failed to make a $42.5 million bond payment in November 2020.