G7 warns of global economic uncertainty as US debt crisis looms

May 13, 2023

The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock…reports Asian Lite News

Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following US bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock, which was made no mention of the statement, Xinhua news agency reported.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

ALSO READ: India showcases digital infra at G7 meet

Previous Story

Imran blames General Munir for arrest

Next Story

Bharat Jodo Yatra delivers desired effect

Latest from -Top News

BRICS must break the digital chains

BRICS nations need to build consensus, balance innovation and social justice by reinforcing the digital sovereignty of Global South, including evenly distribution

G42 AI tool boosts procurement by 40%

Abu Dhabi’s tech giant leads the charge in AI-driven operational transformation with (In)Business Procurement platform. Abu Dhabi-based global technology powerhouse G42 has

UN urges investments in Syria

Rebuilding Syria requires not only emergency relief but sustained investment in basic services, economic recovery, and stability, says UN Office in Syria.

Don't Miss