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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies throughout a U.S. Home Committee on Monetary Providers listening to on the Annual Report of the Monetary Stability Oversight Council, on Capitol Hill in Washington, DC, U.S. Might 12, 2022. Saul Loeb/Pool
By Andrea Shalal
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will journey to Niigata, Japan subsequent week to take part within the Group of Seven (G7) finance ministers and central financial institution governors assembly, the Treasury Division stated on Wednesday.
Treasury stated Yellen would work with G7 companions to strengthen the worldwide economic system, together with by coordinating on efforts to encourage and align home investments, and tackle the spillover results of Russia’s struggle towards Ukraine.
G7 finance ministers and central bankers will meet in Niigata, Japan, from Might 11-13, a month after the Worldwide Financial Fund trimmed its 2023 world development outlook barely and warned {that a} extreme flare-up of economic system turmoil may slash output to close recessionary ranges.
The IMF is now forecasting world actual GDP development at 2.8% for 2023 and three.0% for 2024, marking a pointy slowdown from 3.4% development in 2022 resulting from tighter financial coverage.
Yellen may also reaffirm the G7’s management within the coalition supporting Ukraine’s resistance to Russia’s struggle and its function in establishing a worth cap on Russian oil, Treasury stated. It stated the worth cap was persevering with to disclaim Russia income to fund the struggle whereas retaining power markets secure.
Provide chains will probably be a giant subject all through the journey, Treasury stated.
“She is going to work with companions to deepen resilient provide chains, together with amongst low- and middle-income nations, and advance financial safety,” it stated in an announcement.
Yellen will maintain a press convention on Might 11 in Niigata, the place she may also participate in different engagements and maintain bilateral conferences with counterparts, Treasury stated.
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