Finance chiefs from the Group of 20 major economies are meeting Friday for talks to address challenges facing the global economy, including high inflation amid Russia's war on Ukraine and increasing debt among emerging economies.
But the G-20 gathering in the southern Indian city of Bengaluru is likely to be overshadowed by the deep division among member states, with Japan, the United States and European countries taking a tough stance on Russia over its aggression against its neighbor that has continued for a year.
India, which has traditionally maintained close military ties with Russia and has avoided condemning Moscow over the war, has said earlier that it is expecting exchanges among finance ministers and central bank governors on "pragmatic and meaningful approaches to address" some key global economic issues.
The meeting is jointly chaired by Indian Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das.
Three sessions will take place for two days from Friday, which falls on the first anniversary of Russia's invasion of Ukraine, with agendas to also include global health and international taxation.
The G-20 consists of Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.
The International Monetary Fund projected in its January report that global growth will fall to 2.9 percent in 2023 from 3.4 percent last year, as the rise in central bank interest rates to fight inflation and Russia's war continue to weigh on economic activity.
But the Washington-based lender also highlighted in a recent blog post the strength of the emerging economies, citing that India and China alone are expected to contribute more than half of global growth this year.
