Leaders of the world’s biggest economies agreed to pace their interest rate hikes carefully to avoid spillovers and warned of "increased volatility" in currency moves, a sea change from last year’s focus on mending the scars of the COVID-19 pandemic. In a leaders’ declaration signed on Wednesday, the Group of 20 (G20) members said the world economy was facing "unparalleled multidimensional crises" ranging from the war in Ukraine to a surge in inflation, which are forcing many central banks to tighten monetary policy.
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