Global economic growth warning sounded! G7 finance ministers and energy officials hold meeting to assess the impact of the Middle East conflict.

French Finance Minister Bruno Le Maire said that G7 finance and energy officials will hold a meeting on Monday to assess the economic and financial impact of the Middle East conflict. He said before the video conference with G7 colleagues: "The purpose of the meeting is to monitor developments, exchange analysis, especially on potential disruptions that are occurring, and continue to monitor the situation, monitor developments, and take action if necessary." France, currently the chair country of the G7, has also invited representatives from the International Energy Agency (IEA) and the Organization for Economic Co-operation and Development (OECD). Le Maire said that this is the first time in the 51-year history of the G7 that energy and finance ministers and central bank governors will be brought together for a meeting. The Middle East conflict has slowed global economic growth Soaring oil prices have exacerbated global economic inflation and hindered economic growth. Meanwhile, with investors pricing in uncertainty about economic slowdown and central bank rate hikes to combat accelerating inflation, financial markets have experienced severe volatility. Earlier this month, the G7 held a video conference and agreed to support the use of strategic oil reserves to address supply and volatility issues. In addition, G7 governments have taken measures targeted at their own economies, including providing fuel assistance to households and businesses. Meanwhile, it is reported that Japan is considering intervening in the crude oil futures market to alleviate pressure on commodities and the yen.