Key insights
- G7 finance ministers are concerned about the economic impact of the Middle East war, supply chain vulnerabilities, and support for Ukraine. The statement highlights downside risks to global growth and potential inflationary pressures, which could indirectly impact US equities through tighter financial conditions and reduced corporate earnings.
WASHINGTON, April 16 (Reuters) - Finance chiefs of the Group of Seven nations on Thursday said it was urgent to limit the cost to the global economy of an enduring Middle East war and "reaffirmed the pressing need to move toward a lasting peace."
The war was among three key topics of discussion among the finance ministers and central bank governors on the sidelines of the spring meetings of the International Monetary Fund and World Bank Group that are underway in Washington.
They also discussed securing supply chains for critical minerals and supporting Ukraine in the face of continuing Russian aggression, according to a statement issued by the finance ministry of France, which holds this year’s G7 presidency.