G7 hopes to show unity on Ukraine despite darkening economic outlook

The Group of Seven rich democracies will seek to demonstrate their long-term support for Ukraine in its fight against Russian aggression at a summit starting on Sunday even as the war’s growing impact on the world economy tests their resolve.

The leaders of the United States, Germany, France, Britain, Italy, Canada and Japan will discuss how to tighten the screws on the Kremlin at the three-day summit at Schloss Elmau, a luxury hotel in a Bavarian mountain valley.

But as the war drags into its fifth month, they will be wary of any sanctions that could further darken the global economic outlook. The conflict has already created food and energy shortages that are stoking inflation and global hunger.

Price rises are hitting the global south particularly hard, where countries were already struggling with the COVID-19 pandemic and climate crises.

Speaking ahead of the back-to-back European Union, G7 and NATO summits, German Chancellor Olaf Scholz told the German parliament on Wednesday the task was greater than sending the message that the West was as united “as never before”.

via REuters