G20 finance leaders to gauge toll on global economy on Ukraine war's anniversary

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The International Monetary Fund has forecast global GDP growth for 2023 at 2.9%, up from a 2.7% forecast in October, but still well below the 3.4% achieved in 2022.

The meeting of G20 finance ministers and central bank governors on the outskirts of India's Bengaluru tech hub comes amid signs that the global outlook has improved from the group's last meeting in October, when a number of G20 economies were teetering on the brink of recession amid energy and food price spikes caused by the war.

Inflation in the United States and other countries has eased alongside lower energy prices, but Yellen added that such efforts needed to continue and more work was needed to mitigate spillovers from the war, such as easing food shortages and holding down energy prices and Russian revenues. German Finance Minister Christian Lindner said the pressure on Russia must be kept high to"completely isolate" Russia's economy.

 

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