All leaders of the Group of Seven (G7) are concerned about a looming economic crisis as growth slows and inflation soars, German Chancellor Olaf Scholz said following a working session on the global economy at the G7 summit in the Bavarian Alps.

"All members are concerned about the crisis we are confronting – falling growth rates in some countries, rising inflation, raw materials shortages, disrupted supply changes – these aren't small challenges," Scholz said in a televised statement.