G20 fails to reach agreement on Ukraine

The G20 Finance Ministers and Central Bank Governors Meeting ended without reaching a consensus due to differences of opinion between the countries on the war in Ukraine. After the two-day meetings hosted by India, instead of a final declaration, the outcome document and the summary of the G20 Presidency were published. The outcome document stated that since February 2022, the war in Ukraine has had an even more negative impact on the global economy, and that most G20 members strongly condemned the war in Ukraine, but there were different views and assessments on the situation and sanctions. The outcome document acknowledged that the G20 is not a forum to solve security problems, but emphasized that security problems can have significant consequences for the global economy. The outcome document noted that China and Russia objected to articles referring to the war causing "enormous human suffering" and "exacerbating existing vulnerabilities in the global economy." “Uncertainty about the economic outlook is high” The conclusion document, which stated that global economic growth remained below its long-term average and remained uneven, stated that “Uncertainty about the outlook remains high.” The conclusion document stated that the balance of risks continued to be tilted downward, amid debt vulnerabilities, persistently high inflation, and a significant tightening in global financial conditions that could worsen geoeconomic tensions, and conveyed the need for well-tuned monetary, fiscal, and structural policies to stimulate growth, reduce inequalities, and maintain macroeconomic and financial stability. The document emphasized the importance of addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive, and systematic manner. It was noted in the conclusion document that the risks of rapid developments in the crypto asset ecosystem continued to be closely monitored, and reiterated the commitment to continue cooperation towards a globally fair, sustainable, and modern international tax system that is in line with the needs of the 21st century. The final document also highlighted the importance of the macroeconomic costs of the physical impacts of climate change, stating that the cost of inaction on this issue significantly outweighs the cost of an orderly and equitable climate transition.