Italy's Prime Minister Mario Draghi, Canada's Prime Minister Justin Trudeau, France's President Emmanuel Macron, German Chancellor Olaf Scholz, U.S. President Joe Biden, Japan's Prime Minister Fumio Kishida and British Prime Minister Boris Johnson line up for a family photo at Schloss Elmau castle, during the G7 leaders summit near Garmisch-Partenkirchen, Germany, June 26, 2022. REUTERS/Jonathan Ernst/Pool
SCHLOSS ELMAU, Germany (Reuters) - All leaders of the Group of Seven rich democracies are concerned about a looming economic crisis as growth slows and inflation soars, German Chancellor Olaf Scholz said after a working session on the global economy at this year's annual G7 summit.
"All members are concerned about the crisis we are confronting – falling growth rates in some countries, rising inflation, raw materials shortages, disrupted supply changes – these aren't small challenges," Scholz said in a televised statement.
(Reporting by Andreas Rinke; Writing by Sarah Marsh; Editing by Thomas Escritt and Philip Blenkinsop)
