India is hosting the Group of 20 (G-20) summit in September in challenging times. Global growth has slowed down and much of the world is grappling with high inflation. Many countries that are still recovering from the effects of the Covid-19 pandemic are facing difficulties arising from disruptions in food and energy supply chains emanating from Russia’s invasion of Ukraine.
It is estimated that almost 40 per cent of the developing world is facing a severe debt crisis that requires urgent rethinking of existing international financing structures. Serious questions are also being asked about the future of multilateralism.
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