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.
This week’s gathering of finance ministers and central bank governors takes place just a year after Russia invaded Ukraine, setting off a cascade of shocks to the world economy, chief among them decades-high inflation.
U.S. Treasury Secretary Janet Yellen is expected to address the global economic impacts of the war while at the G-20 meetings.
India is among the countries treading lightly between the Western nations and Russia, eager to claim more global sway but wary of becoming embroiled in antagonisms as its economy benefits from purchases of discounted Russian crude oil.
