G7 summit kicks off under shadow of Ukraine war, stagflation risk

SCHLOSS ELMAU, Germany: German Chancellor Olaf Scholz welcomes leaders of the Group of Seven rich democracies on Sunday to a three-day summit in the Bavarian Alps overshadowed by the war in Ukraine and its far-reaching consequences, from energy shortages to a food crisis.
The summit takes place against a darker backdrop than last year when the British, Canadian, French, German, Italian, Japanese and US leaders met for the first time since before the COVID-19 pandemic and vowed to build back better.
Soaring global energy and food prices are hitting economic growth in the wake of Russia’s invasion of Ukraine. The United Nations warned on Friday of an “unprecedented global hunger crisis.”
Climate change, an increasingly assertive China and the rise of authoritarianism are also set to be on the agenda.
The G7 leaders are expected to seek to show a united front on supporting Ukraine for as long as necessary and cranking up pressure on the Kremlin — although they will want to avoid sanctions that could stoke inflation and exacerbate the cost-of-living crisis affecting their own people. – Agencies