by Marcela Ayres and Christian Kraemer

SAO PAULO (Reuters) – Finance ministers from the G20 countries failed on Thursday to agree on a joint statement after their discussions, due to divisions over the wars in the Gaza Strip and Ukraine, which have undermined efforts to find consensus on global economic development.

Instead of a joint statement, Brazil, host of the G20 meeting of finance ministers and central bankers, published its own summary of the discussions.

A similar situation had already occurred last year during India’s presidency of the G20, but New Delhi still managed to rally the majority of countries behind condemnation of Russia for having invaded Ukraine.

The document published by Brazil, which resembles a draft G20 communiqué that Reuters was able to consult earlier this week, highlights the economic risks caused by “wars and escalations of conflicts” while inviting debate on these questions in other places.

It also notes the likelihood of a “soft landing” for the global economy, with inflation slowing without a major recession.

Speaking to reporters, Brazilian Finance Minister Fernando Haddad said differences displayed last week by G20 foreign policy chiefs had “contaminated” financial discussions, hurting efforts to agree of a joint declaration.

Sources familiar with the matter said G20 representatives debated until late Thursday evening what rhetoric to use in the joint communiqué to describe the wars, while Russia and Western powers are polar opposites on the issue. subject.

Geopolitical tensions hung over the two-day meeting of finance ministers, sometimes affecting the formal agenda of the discussions – such as debates on a global wealth tax threshold, sought by Brazil.

(Reporting Marcela Ayres and Christian Kraemer, with Leika Kihara; Jean Terzian)

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