G7 nations are worried about global economic crisis – Scholz

SCHLOSS ELMAU, Germany – 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)