For G20, Ukraine war an obstacle to cooperation on global economy

by | Jul 18, 2022 | World

Medan, Indonesia – When G20 finance ministers and central bank governors met in Bali on July 15-16, the summit raised hopes of coordinated action to tackle some of the thorniest issues facing the global economy.Those hopes withered over the weekend as divisions over the war in Ukraine scuppered any chance of a joint communique to address mounting challenges including soaring inflation, slowing economic growth and widespread shortages of food and goods.
“The failure to reach any kind of consensus on economic threats was inevitable from the start, not least of which is due to the fact that some of the most pressing of these, such as commodity price increases due to supply chain disruption, are being generated by Russia’s invasion of Ukraine,” Ian Wilson, a lecturer in politics and security studies at Murdoch University in Perth, told Al Jazeera.
The summit’s rare failure to produce a communique, instead publishing a 14-paragraph “chair’s summary,” augurs poorly for the prospect of consensus at the headline G20 leaders’ summit in November.
Indonesian Finance Minister Sri Mulyani Indrawati said the decision to scrap the planned communique was “a challenging and difficult situation” and a source of regret.
“Most of the paragraphs are actually supported by our members [but] there is still an issue that they cannot reconcile yet,” Indrawati told media when asked about the communique.
Indonesian Finance Minister Sri Mul …

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