[Salon] No refuge from global woes



https://www.bloomberg.com/news/newsletters/2022-06-24/global-woes-follow-leaders-to-bavarian-alps

The Group of Seven summit in the Bavarian Alps starting Sunday is the first time the leaders of some of the world’s biggest economies have sat down together in person in a while. A fair bit has happened to talk about — most notably Russia’s invasion of Ukraine, and the ensuing economic and humanitarian fallout.

And yet each G-7 leader comes to the meeting shadowed by challenges at home that will filter into discussions about where next for Ukraine, what to do about the price of gasoline, how to wean themselves off Russian oil, a global food-security crisis. Oh, and are we really headed for a global recession?

Here’s a quick rundown of what they face:

US President Joe Biden

Comes with: Arguably the trickiest timeline, with November’s midterm elections looming and the prospect the Democrats lose control of Congress. He is battling high energy prices and difficult issues including abortion rights and gun control.

Needs to: Maintain a unified front on supporting Ukraine militarily to keep fighting.

French President Emmanuel Macron

Comes with: A chastening at home, his alliance having just lost its outright majority in parliament.

Needs to: Reassure others he’s on board on Ukraine after he floated the idea whether President Volodymyr Zelenskiy should now negotiate with Moscow.

German Chancellor Olaf Scholz

Comes with: Criticism he’s been wishy-washy in his support for Ukraine and too worried about the hit to his economy to shift quickly from Russian gas.

Needs to: As host, keep the summit on an even keel and show some tangibles, which won’t be easy.

Japanese Prime Minister Fumio Kishida

Comes with: A relatively high level of popularity, though support has slipped ahead of an upper house election.

Needs to: Be attuned to the views of other leaders across Asia as he increasingly puts Japan in the cross-hairs of its bigger neighbor, China.

UK Prime Minister Boris Johnson

Comes with: Political chaos at home, having just survived a no-confidence vote from his own lawmakers only to suffer two special election losses yesterday. A summer of strikes is disrupting travel, while the economy and the pound are in free fall.

Needs to: Avoid domestic travails dominating his time at the summit and a fresh spat with Macron over Brexit.

Italian Prime Minister Mario Draghi

Comes with: A close eye on coalition troubles at home, which could make it harder for him to enact fiscal reforms.

Needs to: Get traction on his big idea: a price cap on Russian oil.

Canadian Prime Minister Justin Trudeau

Comes with: Like others, a pressing inflation problem (the highest since 1983).

Needs to: Put Canada more clearly into the conversation on the bigger global issues.

And of course there are the big names not taking part: Russia, booted out in 2014 for the annexation of Crimea.

Also missing is China, not a G-7 member and yet the world’s second-biggest economy. How much global business can really be done without it? Rosalind Mathieson

Biden speaks about gas prices in Washington on June 22. Photographer: Drew Angerer/Getty Images


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