In opening the meetings, Indonesian President Joko Widodo urged that countries cooperate to support the global recovery and avoid tensions like those in Ukraine.
“The pandemic is far from over, and the global economy is struggling,” Widodo said.
Financial leaders are treading a precarious path between raising costs of borrowing to cool inflation and alleviating the damage from the pandemic.
The U.S. Federal Reserve is pulling back on massive support for markets and businesses, preparing to raise interest rates as soon as next month to cool inflation that jumped to 7.5% in January — the highest rate in 40 years.
Consumer prices rose to a record 5.1% in the 19 countries that use the euro last month and to a nearly 30-year high in the United Kingdom.
Indonesia’s central bank has also moved to curb inflation. But some other economies have yet to bounce back from the havoc caused by the pandemic.
Officials attended the G-20 meetings both in person and online, given troubles with travel and quarantines due to outbreaks mostly of the omicron variant of coronavirus, that are plaguing many countries.
