‘Years of economic mismanagement’: Why Sri Lanka has a fuel crisis 05:11
(CNN Business)In Sri Lanka, people queue for miles to fill a tank of fuel. In Bangladesh, shops shut at 8 p.m. to conserve energy. In India and Pakistan, power outages force schools to shut, businesses to close and residents to swelter without air conditioning through deadly heat waves in which temperatures top 100 degrees Fahrenheit (37 degrees Celsius).
These are just some of the more eye-catching scenes playing out in the Asia Pacific region, where various countries are facing their worst energy crisis in years — and grappling with the growing discontent and instability caused by knock-on increases in the cost of living.
Flags representing the G7 Summit, Germany and the European Union fly ahead of the summit, scheduled to take place at Schloss Elmau in Germany’s Bavaria region from June 26 to 28.
(CNN)What a difference a year makes. Enormous challenges, some of them barely imaginable when the G7 leaders last met 12 months ago, are bearing down on the world’s most prosperous democratic nations as they prepare to meet in Germany.
Optimism was in the air at the Cornish beach resort of Carbis Bay in 2021 as the G7‘s presidents, prime ministers and chancellor met face-to-face for the first time since the Covid-19 pandemic began.
But global events have since overtaken their best efforts, and it is far from clear if they will be able to build on those goals this year. Russia’s unprompted invasion of Ukraine is a large and singular cloud, but other thunderheads are gathering too.
Over the next few days, the leaders of Japan, Canada, the United States, the United Kingdom, France, Italy, the European Union and host Germany will meet amid the seclusion of Bavaria’s luxurious Schloss Elmau retreat.