Strengthening the Global Economy
Yellen will collaborate with G7 partners to enhance the global economy, focusing on aligning domestic investments and addressing the impacts of Russia's war on Ukraine.
G7 Meeting Dates and IMF Growth Outlook
The G7 finance ministers and central bankers will convene in Niigata from May 11-13. This comes after the International Monetary Fund (IMF) reduced its 2023 global growth forecast and warned of potential financial system turmoil.
IMF's Global Growth Forecast
The IMF predicts global real GDP growth of 2.8% in 2023 and 3.0% in 2024, a significant decline from 3.4% in 2022 due to tighter monetary policies.
G7's Support for Ukraine
Yellen will reiterate the G7's commitment to aiding Ukraine's resistance against Russia's war and its role in implementing a price cap on Russian oil, which denies Russia war funding while maintaining energy market stability.
Focus on Supply Chains
Supply chain resilience will be a prominent topic throughout Yellen's trip, with discussions aimed at deepening ties among low- and middle-income countries and promoting economic security.
Yellen's Press Conference and Meetings
On May 11, Yellen will hold a press conference in Niigata and engage in other activities, including bilateral meetings with her counterparts.