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G7 nations are worried about global economic crisis - Scholz

Published 26/06/2022, 14:23
Updated 26/06/2022, 19:55
© Reuters. German Chancellor Olaf Scholz waits to welcome U.S. President Joe Biden ahead of their meeting on the day of G7 leaders summit at Bavaria's Schloss Elmau castle, near Garmisch-Partenkirchen, June 26, 2022. REUTERS/Leonhard Foeger/Pool

© Reuters. German Chancellor Olaf Scholz waits to welcome U.S. President Joe Biden ahead of their meeting on the day of G7 leaders summit at Bavaria's Schloss Elmau castle, near Garmisch-Partenkirchen, June 26, 2022. REUTERS/Leonhard Foeger/Pool

SCHLOSS ELMAU, Germany (Reuters) - All leaders of the Group of Seven rich democracies are concerned about a looming economic crisis as growth slows and inflation soars, German Chancellor Olaf Scholz said after a working session on the global economy at this year's annual G7 summit.

"All members are concerned about the crisis we are confronting – falling growth rates in some countries, rising inflation, raw materials shortages, disrupted supply changes – these aren't small challenges," Scholz said in a televised statement.

Latest comments

cruise missiles into the Kremlin matter of time
EU shot themselves in their foot ... now complaining that it's painful
They are worried as they have realised the sanction does not work.
Inflation main cause -- supply constraints due to war/ sanctions which FED cont control inspite of 3.5 percent interest in 2022..
ECB President Christine Lagarde said 75% of what the bank got wrong in its inflation prediction last year was due to energy prices. The G7 should hence move swiftly on capping energy prices at a reasonable level to ensure that the global economy continues to grow
I wouldn't believe a word that lady says
She is saying that as ECB is in the worst position that they can't really meaningfully reduce inflation by raising interest rates so she needs to 'talk down' inflation
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