Russian President Vladimir Putin and Chinese President Xi Jinping
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When German Chancellor Olaf Scholz convenes the 48th summit of the other leaders of the G7 nations on the grounds of Schloss Elmau castle in the Bavarian Alps later next month, the political economy environment in which the globe’s leading industrialized democracies find themselves in is startling different than from the previous G7 summit, chaired by the U.K. just 12 months ago.
As if the global shock of the still lingering COVID pandemic wasn’t enough, two of the world’s largest authoritarian economies, Russia and China, which rightly preoccupied much of the G7’s activities over the years since its founding in 1975, are now teetering.
The timing of their faltering is largely coincidental, and it is arising for each in unique ways and for different reasons. The G7 leaders must be adept at assessing how such changes…
