New Delhi: The G-20 summit is going to be held in Indonesia. In the month of November last year, the G-20 summit was held in Rome, the capital of Italy. This time the countries of the world’s major 20 economies are gathering in Indonesia, but they face many big challenges. It is a big challenge to get the global economy back on track amid the challenge of rising inflation in the world, Corona epidemic and the clouds of war looming over Ukraine.
The meeting of finance heads of Group 20 countries in Indonesia will tackle a global economy battered by widespread inflation, the threat of war and disease.
Federal Reserve decisions
At this time the whole world is battling with ever-increasing inflation. The impact of inflation in America has made people miserable. If you look at the recently released data, inflation here has touched a new high of the last 40 years. In the US, the inflation rate in January has risen to a record level of 7.5 percent compared to 12 months ago. This figure was earlier seen in February 1982. Inflation in the country is forcing the decision of the Federal Reserve to increase the lending rates in the economy.
Short supply, labor shortage, very low interest rates and strong consumer spending have been responsible for accelerating inflation over the past year. The rise in inflation is likely to have a bad effect on the US economy. There is no clear indication yet about when the inflation rate will come down.
Inflation rate in Argentina and Turkey, two other G-20 countries, is running close to 50 percent. Japan has been struggling to generate stable inflation for a long time. Inflation in the UK could pick up again.
What may well be clear from the G20 meeting is that many governments are moving to tackle new concerns than the coronavirus, even as the pandemic continues. Even if he is less aggressive than before.
Bloomberg Economics says the Bank of England may raise interest rates in March if labor market and CPI data continue to show some signs of easing inflation.
Tension is increasing in Europe regarding Ukraine. Due to this, the tension between Russia and America is also increasing. America has sent a large number of additional soldiers to Poland through an aircraft. In view of the situation arising between Ukraine-Russia, America has said that Moscow can attack anytime.
Ukraine is surrounded by Russia from three sides. For the past several days, it is being told that more than one lakh Russian soldiers are stationed on the border. Russia is strengthening its preparation by conducting maneuvers every day. The US says that Russia’s offensive preparations have been completed. America is constantly warning that Russia will attack Ukraine before the Beijing Olympics is over. At the same time, it is being said from Russia that America is creating an atmosphere of fear.
India’s side in G20
In the meeting held last year, India had put forth all aspects of global challenges. India had put forward the vision of One Earth- One Health in front of the world to fight the corona global epidemic. To deal with any such crisis in future, this vision can become a huge force in the world.
Tags: economy, Indian economy, inflation
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