President Trump and other G7 Presidents head to France as French President Emmanuel Macron hosts this year's G7 Summit. France’s G7 agenda, for the three days of meetings of some of the world's wealthiest countries, focuses on global financial stability, development partnerships, trade, debt and shocks created by the Middle East wars. 

“Due to the continuation of the Middle East wars, the global economy is dealing with the worst possible economic forecasts,” said Eric LeCompte, Executive Director of the religious development coalition Jubilee USA Network. “For the poorest countries, this shock will have dire impacts for years to come. For all of us, food costs will continue to soar."

In a study released this month the World Bank projects that, while impacts on developing countries vary, their growth will be overall slower than last year, worsening food and job crises. As their debt increases, they face higher interest rates and payments, making a debt crisis more likely.

“Historically the G7 made some of the most important decisions on debt relief,” added LeCompte, a UN debt expert who advises religious leaders on economic issues. "We need the G7 to take action on the global debt crisis again."

As France hosts the G7, the US chairs the G20 and places a priority on improving debt restructurings and transparency, and the US will take over the G7 Presidency next year.

“The US focus on debt priorities offers important continuity for the work that can be done this year and next year on improving global debt policies,” shared LeCompte.