IMF, G20 fret over supply chain bottlenecks, inflation fears

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WASHINGTON: Global finance officials gathered in Washington on Wednesday (Oct 13) were focused on finding a way to alleviate supply chain bottlenecks that are driving prices higher and threatening to derail the economic recovery. As demand has spiked, suppliers have not been able to keep up: Ships are line

WASHINGTON: Global finance officials gathered in Washington on Wednesday were focused on finding a way to alleviate supply chain bottlenecks that are driving prices higher and threatening to derail the economic recovery.

Pandemic restrictions shuttered manufacturing and trade routes while suppliers, who are facing shortages of workers and truck drivers, have not been able to keep up with the sudden surge in demand for goods as economies begin to reopen. "The answer lies in one word: independence," he added, referring to the current reliance on suppliers in Asia.

"From global tax reform to global supply chains, we must work together to seek international solutions for the benefit of our citizens at home," he said before leaving for the meetings in Washington. US Treasury Secretary Janet Yellen on Tuesday urged Americans not to panic, saying there are plenty of goods available and price surges should be"transitory".

 

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