and warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. The IMF is now forecasting global real GDP growth at 2.8% for 2023 and 3.0% for 2024, marking a sharp slowdown from 3.4% growth in 2022 due to tighter monetary policy. Yellen will also reaffirm the G7's leadership in the coalition supporting Ukraine's resistance to Russia's war and its role in setting up a price cap on Russian oil, Treasury said. It said the price cap was continuing to deny Russia revenue to fund the war while keeping energy markets stable. Supply chains will be a big topic throughout the trip, Treasury said.
"She will work with partners to deepen resilient supply chains, including among low- and middle-income countries, and advance economic security," it said in a statement. Yellen will hold a press conference on May 11 in Niigata, where she will also take part in other engagements and hold bilateral meetings with counterparts, Treasury said. (Reporting by Andrea Shalal; Editing by Andrea Ricci and Himani Sarkar)
