G7 finance ministers and central bank chiefs meet in Paris to address economic risks linked to Middle East tensions, trade disputes and global growth concerns
Finance ministers and central bank chiefs from the world’s leading economies are meeting in Paris for high-level talks amid growing concerns over the impact of Middle East tensions on global economic stability.
The two-day meeting of the Group of Seven, G7, hosted by France under its rotating presidency, is focusing on rising economic uncertainty linked to the conflict involving Iran, trade disputes, inflation pressures and slowing global growth.
French Finance Minister, Roland Lescure, said major economies are confronting deep structural challenges that continue to threaten economic resilience.
According to Lescure, key concerns include the United States’ expanding budget deficit, Europe’s difficulties in technological innovation and China’s industrial overcapacity.
“World economies are facing significant structural pressures that require coordinated international responses,” he said.
A major item on the agenda is reducing reliance on China’s control of rare earth minerals, critical materials used in artificial intelligence and other advanced technologies driving the global economy.
Despite policy differences among member nations, Lescure stressed the importance of multilateral cooperation, while acknowledging that discussions with the United States remain challenging.
Meanwhile, German Finance Minister, Lars Klingbeil, described the G7 as an important platform for engaging the United States on efforts to address the Iran conflict.
Klingbeil warned that the conflict is already affecting global economic development and called for urgent efforts to stabilise the Middle East and safeguard shipping through the Strait of Hormuz, a critical route for global oil supplies.
The meeting is expected to conclude Tuesday with a joint briefing by G7 finance leaders.
About The Author
