Monday 27, June 2022

G20 warned of Ukraine threat to global recovery

The crisis in Ukraine is a serious threat to the global economy's post-pandemic recovery, Indonesia's leader on Thursday warned a meeting of finance chiefs from the G20 nations.

The Group of 20 -- which brings together the world's top economies including the US, China and some European nations -- is holding talks in hybrid format in the Indonesian capital Jakarta.

Opening the two-day meeting, Indonesian President Joko Widodo warned of the risks to the fragile recovery from the crisis in Ukraine, where fears are growing that Russia is set to invade.

"This is not the time for rivalries and creating new tensions that disrupt the... recovery, let alone endanger the safety of the world, as is happening in Ukraine," said Widodo, whose country currently holds the G20 presidency.

"All parties must stop the rivalry and tension." He urged the G20, which includes Russia, to instead focus on  "collaborating" to help boost the global economy.

The threat of a Russian invasion of its ex-Soviet neighbour presents a fresh challenge for a world already struggling to keep a recovery from the coronavirus pandemic on track as inflation surges.

Also on the agenda at the meeting -- originally due to take place on holiday island Bali before being moved due to an Omicron virus wave -- was how to reform global health systems to be better prepared for future pandemics.

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