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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

G7 finance ministers summit brings Yellen to Japan.

US Treasury Secretary Janet Yellen delivers a keynote address at the American Bankers Association�... US Treasury Secretary Janet Yellen delivers a keynote address at the American Bankers Association's (ABA) 2023 Washington Summit in Washington, DC, on March 21, 2023. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
US Treasury Secretary Janet Yellen delivers a keynote address at the American Bankers Association�... US Treasury Secretary Janet Yellen delivers a keynote address at the American Bankers Association's (ABA) 2023 Washington Summit in Washington, DC, on March 21, 2023. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

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The Treasury Department announced Wednesday that Janet Yellen will attend the G7 finance ministers and central bank governors conference in Niigata, Japan, next week.

Treasury said Yellen would engage with G7 partners to enhance the global economy by encouraging and aligning domestic investments and addressing Russia’s conflict against Ukraine’s spillover consequences.

A month after the IMF lowered its 2023 global growth prognosis and warned that a catastrophic financial system crisis might cut production to near recessionary levels, G7 finance ministers and central bankers will convene in Niigata, Japan, from May 11-13.

Due to tighter monetary policy, the IMF expects global real GDP growth of 2.8% in 2023 and 3.0% in 2024, down from 3.4% in 2022.

Treasury said Yellen would also reiterate the G7’s leadership in backing Ukraine’s opposition to Russia’s aggression and establishing a price ceiling on Russian oil. It said the price restriction deprived Russia of war funds while stabilizing energy markets.

Treasury said supply networks would dominate the trip.

“She will work with partners to deepen resilient supply chains, including among low- and middle-income countries, and advance economic security,” it stated.

Treasury said Yellen would attend a news conference in Niigata on May 11 and participate in other engagements and bilateral discussions.

 


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