Regarding G7's $600 billion infrastructure plan, it's a joke. The U.S. and NATO spent how much in Iraq and Afghanistan? 6 trillion? Yet it's China that is completing the 1,000-school project in Iraq now. Last year, the G7 promised billions dollars for the B3W (Built Back Better World), only a few millions were actually allocated, and nobody even mentions it anymore in this year's G7 meeting.
Despite it being mentioned previously. We somehow keep glossing over it lol.
Unlike China's state-run BRI initiative, the proposed G7 funding would depend largely on private companies being willing to commit to massive investments and is therefore not guaranteed.
This was dead on arrival from the very start. A global recession is looming with extreme uncertainly from Russian energy and fertilizer. No private company will invest in poor countries with such huge risks hovering right over their neck.
Especially, when the Feds are still planning to raise rates by putting a bandaid to heal a severed limb with these tiny interest rates hikes. Too much uncertainly. Too much risk. Confidences is questionable.