The government has announced that the 2023 budget plan would return the deficit to below 3 percent next year, with analysts expecting the path to fiscal consolidation to be smooth due to surging commodity prices and a much-recovered economy.

As a result, the trade surplus climbed to a six-month high of $4.53 billion.

The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.

President Gotabaya Rajapaksa's government has come under growing pressure for its mishandling of the economy, and the country has suspended foreign debt payments in an effort to preserve its paltry foreign exchange reserves.

G20 host Indonesia reminds countries to uphold "the spirit of multilateralism" to face looming global economic risks caused by the Russia-Ukraine war and COVID-19 recovery. 

Fashion Revolution Indonesia returns for its second edition, highlighting the need for ethical and sustainable decisions in the clothes we wear, from yarn to garments.

Shunichi Suzuki said Japan "is not in the position to respond to each country's participation", when asked about Russia's plans to join the forum online, which G20 chair Indonesia announced on Thursday.

G20 members, including Russia and the United States, have a plethora of issues to negotiate if they hope to pull the world's economy out of the COVID-19-induced doldrums and mitigate the impact of the Ukraine crisis.

South Korea has been working to establish the South Korea-ASEAN financial cooperation center for several years as part of the President Moon Jae-in administration's efforts to improve ties with the region.

The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring in recent weeks, while rising natural gas prices also have impacted fertilizer production, which in turn hurts farmers.

International airline bookings to Southeast Asia reached 38 percent of pre-pandemic levels by late March, according to travel firm ForwardKeys. They were at less than 10 percent of 2019 levels at the start of the year.

China's total trade with Ukraine climbed to 29.6 billion yuan in the first quarter, customs spokesman Li Kuiwen said at a press conference, up 10.6 percent.

Shulginov said crude prices in the range of $80 to $150 a barrel were in principle possible but said Moscow was more focused on ensuring the oil industry continues to function, Interfax said.

"We sell it at the same price as before. Also with the impact of the pandemic, everybody is hanging in there. It is the same all over Beijing, we are not the only restaurant suffering," Ma said.

The consumer price index (CPI) climbed 8.5 percent over the 12 months to March, the biggest jump since December 1981.

Sri Lanka's central bank hiked interest rates by a record 700 basis points to 14.5 percent.

About 60 percent of low-income countries were already in, or at risk of, debt distress, the IMF said.

Russian LNG accounts for just 3 percent of Japan’s overall electricity production, but the country has little room for error in energy management after closing several nuclear power plants.

The producer price index (PPI) -- measuring the cost of goods at the factory gate -- grew 8.3 percent on-year, National Bureau of Statistics (NBS) figures showed.

Emerging and developing countries in the Europe and Central Asia region to contract by 4.1 percent this year, twice as bad as the pandemic-induced recession in 2020. 

"The Russian invasion is delivering a massive blow to Ukraine's economy and it has inflicted enormous damage to infrastructure," Anna Bjerde, World Bank vice president for Europe and Central Asia, said as she called for "massive" financial support for Kyiv so that its government can keep running to support its citizens.

"We will ban imports of Russian coal. We will secure alternatives and by gradually reducing imports, we will reduce our dependence on Russian energy," Kishida told a press conference.

The Food and Agriculture Organization's (FAO) food price index, which tracks the most globally traded food commodities, averaged 159.3 points last month versus an upwardly revised 141.4 for February.

The Southeast Asian nation plans to phase out coal for electricity by 2056 and has brought forward its net-zero emissions target from 2070 to 2060 or sooner - but weaning itself off the dirty, climate-heating fuel remains a challenge.

The phase-out of EU imports of Russian coal is the cornerstone measure in a fifth package of sanctions against Russia that the EU Commission proposed this week, as a reaction to atrocities in the Ukrainian town of Bucha. 

The government is rolling out new social aid programs to cushion the effect of high inflation on low-income groups.

The programs were launched as the government braces for high inflation in the coming weeks.

The sharp rise in global oil prices has crept onto Indonesian shores, with diesel shortages and fuel price hikes unfolding in some parts of the archipelago in recent weeks as the government winds down price control policies for the sake of fiscal consolidation.

The Washington-based lender cited risks stemming from the Ukraine war, United States monetary tightening and an economic slowdown in China.

The Alliance of Independent Journalists (AJI) found that most respondents earned less than the living wage of Rp 8 million per month.