On October, the G-20 group of large economies\’ fiscal chiefs met in an Indian city in Southern India to conclude their meeting without any agreement on Ukraine conflict. The group\’s most prominent finance ministers and central bankers, who have not made any joint statement in their last three meetings, said \”strongly condemn the conflict in Ukraine and strongly condemn the fact that it is causing indefensible human suffering and exacerbating existing inequalities in the global economy\”. The statement and results of the meeting were summarized and agreed by all members, including Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union.
Indian Prime Minister has asked G-20 fiscal chiefs to address the rising prices in India, while Japanese Prime Minister has failed to bring consensus in the G-20 meeting to restore the economy. The statement strongly condemned Russia\’s stance and stated that there are negative consequences of the Ukrainian crisis, including high deficits, resurgence of infectious diseases, and tax situations.
Overall, the G-20 members agreed that the global economy is still facing a slow recovery, and there are negative risks including high deficits, resurgence of infectious diseases, and tax situations. The statement also mentioned that the Ukrainian crisis is hindering economic growth and creating inequalities.
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