China, the world's second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels as well as the global economy.
The year 2022 was supposed to be a comeback year after Covid crisis but Russia-Ukraine war, record inflation and climate-linked disasters only made the situation worse.
Western leaders want to bleed Moscow financially but China and India haven't indicated if they plan to abandon the purchase of Russian oil.
The Indonesian Presidency has set the agenda for the summit against a backdrop of a potential global recession, disruptions related to Covid-19 and an energy and food crisis.
The bank's President David Malpass says that the Ukraine conflict, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth.
US stock indices pulled back at the opening bell while Snap, the parent of social media app Snapchat, saw its share price slump 36 percent as trading began on Wall Street.
Sanctions on Russia have already rattled through international markets, hitting European equities in particular.
World Economic Forum warns that a digital shift propelled by the pandemic and a space race facilitated by falling costs for launch technology bring fresh challenges for the global economy.
G20 leaders are also expected to formally affirm their commitment to establishing a 15 percent global minimum corporate tax rate by 2023.
Taking cue from Wall Street, which fell 2 percent on Monday, Asian stocks widened their losses amid growing fears that the more transmissible Delta variant would harm the global economic recovery.
At least 220 million people expected to remain unemployed globally this year, well above 187 million recorded in 2019, a new report by International Labour Organization says.
The world’s second-largest economy extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high.
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