Finance ministers and central bank governors of the G20 are convening in Bangkok, Thailand, amid a deeply volatile global landscape heavily disrupted by the ongoing military escalation orchestrated by the US regime and Israel against Iran. The high-level meetings coincide with the annual gatherings of the International Monetary Fund (IMF) and the World Bank, taking place as the international financial architecture faces unprecedented strain.

A notable absence at the summit is US Treasury Secretary Scott Bessent, representing the world's leading economy and current G20 chair. While US officials purportedly blamed domestic commitments for Bessent's decision to skip the crucial engagements, the move has drawn scrutiny over the American regime's commitment to multilateral economic coordination. Washington is instead represented by lower-ranking officials, including Deputy Secretary Francis Brooke.

Discussions in the Thai capital are widely expected to be dominated by the severe economic fallout stemming from the Middle East conflict. Disruptions to vital commercial shipping routes through the Strait of Hormuz have triggered prolonged surges in global energy prices, placing immense pressure on public finances and household budgets worldwide. Australian Treasurer Jim Chalmers openly warned that the ongoing hostilities are relentlessly driving up inflation and interest rates.

Beyond energy shocks, delegates are forced to confront the alarming ballooning of sovereign debt levels, which now surpass 100 percent of GDP in several major economies, including the United States, Canada, and Japan. Meanwhile, the US regime has reportedly sought to weaponize the platform to criticize external trade practices, specifically targeting China's export surpluses. Observers remain skeptical that the deeply fractured economic bloc will manage to issue a unified communique, echoing previous failures to reach consensus.

Source: www.aljazeera.com