Gas prices, food shocks, war, inflation add up to economic dangers, G-7 leaders warn
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BONN, Germany — The financial leaders of the world’s most powerful countries warned this week of the potential for a global economic slowdown, as the threats caused by Russia’s invasion of Ukraine continued to multiply.
Globally, the war is sending energy and food prices soaring. In the United States, Great Britain and Europe, central banks determined to curb inflation are moving to hike interest rates, which risks pushing nations back into recession. The developing world faces an emerging debt crisis on top of a growing hunger problem sparked by the war.
In the United States, as in much of the rest of the world, gas prices surged and stock markets plunged, with the S&P 500 index nearing a bear market, closing the week down 18 percent off its early January peak after a late Friday rally. Large retailers, including Target and Walmart, have reported worse than expected earnings and profits…
