G-20 finance chiefs to tackle global economic threats

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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 is hosting 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 ascent as an economic power and its status as a champion of developing nations.

As host of more than 200 G-20 meetings in 28 cities leading up to the summit in November, Modi is expected to use that role to burnish India’s stature as a leader in fighting climate change and to act as a bridge between the interests of industrialized nations and developing ones. “The tough conditions at the macroeconomic level have somewhat eased but inflation rates are still high. In this situation coordination among major economies is vital,” Ajay Seth, a senior Finance Ministry official, told reporters Tuesday in Bengaluru.

In countries like India, it’s seen as a counterbalance to gatherings of wealthier economies such as the Group of Seven. But a slew of other countries have seen their finances deteriorate in the past year, including India’s neighbor Sri Lanka and others in Asia.

 

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