Top financial leaders from the Group of 20 leading economies are gathering in the south Indian technology hub of Bengaluru this week to tackle myriad challenges to global growth and stability, including stubbornly high inflation and surging debt.
India is hosting the G-20 financial conclave for the first time in 20 years. Later in the year it will convene its first summit of G-20 economies. The meetings offer the world's second most populous country a chance to showcase its ascent as an economic power and its status as a champion of developing nations.
It's an urgent priority, given the growing importance of emerging economies to global growth: the International Monetary Fund estimates that India and China alone will contribute more than half of global economic growth this year, with other Asian countries contributing another quarter of that expansion with annual growth rates of 6% to 7%.
Improving urban infrastructure will figure in this week's talks, the first of four G-20 finance minister meetings due to take place this year in India. Yellen and other officials have indicated they will also be discussing risks of heavy debt burdens for many countries after mostly efforts to cushion the worst impacts of the COVID-19 pandemic. Those woes have deepened as countries' import bills surged due to sustained higher prices for food, oil and fertilizers and weakening currencies.
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