NIIGATA, Japan – Finance chiefs from the Group of Seven bloc of wealthy industrialised nations on Saturday warned of the threat of greater economic uncertainty, as they wrapped up three days of meetings.
While this was not cited in their 14-page statement, the threat of a default by the United States as early as on June 1 if Washington fails to raise its debt ceiling had also loomed large over the meetings. Japan is spearheading efforts to help low- and middle-income countries in the so-called Global South to diversify their supply chains in the name of energy security.
“Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability,” the statement said. The meetings in the coastal central Japanese city of Niigata are a prelude to the G-7 Leaders’ Summit in Hiroshima from May 19 to 21, where China’s assertiveness and Russia’s invasion of Ukraine are set to dominate the agenda.
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