G20 finance chiefs and central bankers are meeting in Bangkok as the Iran war drives up energy prices and adds fresh uncertainty to the world economy.
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01Summary
- 01The G20 finance ministers and central bank governors are meeting in Bangkok alongside the IMF and World Bank annual meetings from October 12 to 18.
- 02US Treasury Secretary Scott Bessent is absent and Washington is represented by Deputy Secretary Francis Brooke and Undersecretary Erin Browne.
- 03The talks are expected to focus on the economic fallout from the US-Israel war on Iran, including disruption in the Strait of Hormuz and higher energy prices.
- 04Crude oil prices have been above $100 a barrel for much of the past eight months, according to the report.
- 05Australia’s Treasurer Jim Chalmers said he would use the meetings to call for an end to the conflicts in the Middle East and the reopening of the Strait of Hormuz.
02Why it matters
The talks matter because G20 economies account for about 85 percent of global GDP and three-quarters of world trade. Decisions and disagreements there can affect energy costs, borrowing costs and growth worldwide.
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