{"id":1930509,"date":"2023-05-13T16:43:20","date_gmt":"2023-05-13T20:43:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/g-7-finance-chief-warns-of-global-uncertainty\/"},"modified":"2023-05-13T16:48:41","modified_gmt":"2023-05-13T20:48:41","slug":"g-7-finance-chief-warns-of-global-uncertainty","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/g-7-finance-chief-warns-of-global-uncertainty\/","title":{"rendered":"G-7 finance head cautions about worldwide uncertainty."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fg-7-finance-chief-warns-of-global-uncertainty%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1930509&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Global Economic Uncertainty Heightens as G-7 Finance Leaders Meet<\/h2>\n<h3>U.S. Debt Ceiling Stalemate and Russia&#8217;s Invasion of Ukraine Overshadow Meeting<\/h3>\n<p>Finance leaders of the Group of Seven (G-7) rich nations warned of heightening global economic uncertainty on Saturday as they wrapped up a three-day meeting overshadowed by a U.S. debt ceiling stalemate and fallout from Russia\u2019s invasion of Ukraine.<\/p>\n<p>G-7 central bank chiefs also vowed to combat \u201celevated\u201d inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-raises-interest-rate-by-0-75-biggest-increase-since-1994\/\" title=\"Fed raises interest rate by 0.75%, biggest increase since 1994\">stubbornly high inflation<\/a>.<\/p>\n<p>The gathering in the Japanese city of Niigata came as worries over a U.S. default fuelled uncertainty over the global outlook, already clouded by recent U.S. bank failures and signs of slowdown in China\u2019s economy.<\/p>\n<ul>\n<li>The global economy has shown resilience against multiple shocks, including the COVID-19 pandemic, Russia\u2019s war of aggression against Ukraine, and associated inflationary pressures,\u201d the finance ministers and central bankers said in a communique after the meeting.<\/li>\n<li>\u201cWe need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.\u201d<\/li>\n<\/ul>\n<p>The communique made no mention of the U.S. debt ceiling stalemate, which hits markets at a time when borrowing costs are rising because of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-hedge-fund-manager-sees-two-ways-out-of-soaring-inflation-and-neither-one-is-pretty\/\" title=\"Top Hedge Fund Manager Sees Two Ways Out Of Soaring Inflation, And Neither One Is Pretty\">aggressive monetary tightening<\/a> by U.S. and European central banks.<\/p>\n<p>U.S. Treasury Secretary Janet Yellen, who has said a first-ever U.S. default could occur within weeks if the impasse is not resolved, told Reuters on Saturday the was \u201cmore difficult\u201d than in the past but said she remained hopeful a solution could be found.<\/p>\n<h3>G-7 Finance Leaders Pledge to Tackle Banking System Gaps<\/h3>\n<p>Seeking to reassure investors in the wake of recent U.S. bank failures, the G-7 finance chiefs retained their April assessment that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dogecoin-rallies-after-launching-on-coinebase-pro-dogefather-elon-musk-retweets-inevitable-meme\/\" title=\"Dogecoin Rallies After Launching On Coinebase Pro, \u2018Dogefather\u2019 Elon Musk Retweets \u2018Inevitable\u2019 Meme\">global financial system<\/a> was \u201cresilient.\u201d<\/p>\n<p>But they pledged in the communique to tackle \u201cdata, supervisory, and regulatory gaps in the banking system\u201d.<\/p>\n<p>Many <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/marketmind-china-back-for-dollar-thwack\/\" title=\"Marketmind: China back for dollar thwack\">central banks face<\/a> an inflection point, with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/g-7-finance-chief-warns-of-global-uncertainty\/\" title=\"G-7 finance head cautions about worldwide uncertainty.\">aggressive interest rate hikes beginning<\/a> to cool growth and unsettling the banking system.<\/p>\n<ul>\n<li>The group reiterated its condemnation of Russia\u2019s invasion of Ukraine and pledge to strengthen monitoring of cross-border transactions between Russia and other countries.<\/li>\n<li>China has also been on the G=7\u2032s minds, with Japan spearheading efforts to diversify supply chains and reduce their heavy reliance on the world\u2019s second-biggest economy.<\/li>\n<\/ul>\n<p>The finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains in their communique.<\/p>\n<p>The new scheme envisages the G-7 offering aid to low- and middle-income countries so they can play a bigger role in supply chains for energy-related products, such as by refining minerals and processing manufacturing parts.<\/p>\n<p>\u201cDiversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability,\u201d the communique said, adding that the scheme will be launched \u201cby the end of this year at the latest.\u201d<\/p>\n<p>The discussions among the finance leaders will lay the groundwork for the G-7 summit starting on Friday in Hiroshima, where concern about China\u2019s use of \u201ceconomic coercion\u201d in its dealings abroad will be among key topics of debate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance leaders of the Group of Seven (G-7) rich nations warned of heightening global economic uncertainty on Saturday.They ended a three-day meeting overshadowed by a U.S. debt ceiling stalemate and fallout from Russia\u2019s invasion of Ukraine.G-7 central bank chiefs also pledged to counter \u201celevated\u201d inflation.Finance leaders of the Group of Seven (G-7) rich nations warned<\/p>\n","protected":false},"author":1,"featured_media":1930510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[17517,10680,25579,5639,15390,16174],"class_list":["post-1930509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-cautions","tag-finance","tag-g-7","tag-head","tag-uncertainty","tag-worldwide"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1930509"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1930510"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1930509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1930509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1930509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}