12
October

The International Monetary Fund (IMF) stated that world economic growth of 3.7 percent is not strong enough to face all challenges. This was stated by IMF Managing Director Christine Lagarde during a press conference at the Nusantara Room, Westin Hotel, Nusa Dua, Bali, on Thursday (11/10), on the sidelines of the IMF and World Bank Annual Meetings. She noted, there are several challenges facing the world. One of them is trade war, especially between the United States (US) and China.

 

"Yes, the economy is strong at the moment. We expect growth to remain steady at 3.7% this year and next. The real question is: Is the economy strong enough? Our answer is probably not enough. Because we clearly see that Growth has plateaued if 3 years in a row at 3.7%, and we also see that growth is more or less allocated around the world.If this tension went to escalate, the global economy would take a significant hit.So our strong recommendation is to deescalate those tensions and work toward a global trade system that is stronger, that is fair and that is fit for purpose and fit for the future," said Lagarde.

According to Lagarde, in recent years, excessive inequality generated by technology, trade, integration and capital work policies has increased the economic and social tensions, especially in developed economies. Therefore, Lagarde stressed that the world needs policies and reforms that not only encourage growth but also must be inclusive and sustainable. She stressed that the world needs international cooperation. (VOI/PANE/AHM)

12
October

The global economy continues to grow firmly, however the growth is unequal across region and people. There are some risks emerge, such as risk to economic stability and prosperity, risk to the principle and institution that underpin international cooperation which deliberate so many benefits to so many people, to so many years. It was stated by IMF Managing Director Christine Lagarde in her speech in the IMF-World Bank Annual Meeting Plenary Session in Nusa Dua Bali on Friday (12/10). She said that Indonesian President Jokowi has recently reminded that it is the cooperation that brings back the world from the brink of global financial crisis.

 

"Not so long ago as President Jokowi reminded us that’s only very cooperation that help bring the world back from the brink of global financial crises. And continues in this region, in the ASEAN region to bring about many benefits because of that cooperation. And that cooperative approach that is adopted by the ASEAN offers important lesson for now, and the cooperation that is likely different from the past. It has to be more inclusive, more people centered and you know what I mean by that," said Lagarde.

Christine Lagarde also said that the world is facing the challenge of the economic landscape. She characterize it in two dimensions. The first dimension is quite familiar to many others include monetary , fiscal and financial layers of economic interaction, the second dimension is more challenging, comprises inequality technology and sustainability. Therefore in tackling the problems she urged to combine domestic policies and people center, and international cooperation. (VOI/DP/AHM)

12
October

ASEAN leaders held a meeting on the sidelines of the 2018 IMF-WB meeting on Thursday in Nusa Dua, Bali. In the meeting themed 'Achieving Sustainable Development Goals and Overcoming Development Gaps through Regional and Global Collaborative Action', various issues were discussed related to the commitment to strengthening cooperation, economic growth and sustainable development.

Singapore Prime Minister Lee Hsien Loong said that ASEAN countries reaffirmed their strong commitment to multilateral and international cooperation. According to him, ASEAN countries remain firm in upholding an open multilateral trading system and have supported regional economic growth over the past few decades.

 

"We have an insightful discussion under the theme ‘Achieving Sustainable Development Goals and Overcoming Development Gaps Through Regional and Global Collaborative Action. We also reaffirm our strong commitment to multilateralism and international cooperation. ASEAN remains steadily fast in holding the open and roles based multilateral trading system which is underpinned the region economic growth over the past decades," PM Lee said.

In addition, PM Lee said ASEAN countries were committed to multiplying efforts in regional comprehensive economic cooperation. Related to this, PM Lee said that he hoped this partnership would achieve positive results by the end of 2018. However, PM Lee also realized the challenges the ASEAN is facing in achieving sustainable development. These challenges include economic restructuring, accelerating urbanization to an aging population. (VOI/Ndy/AHM)

12
October

President Joko Widodo was present as a speaker at the Bali Fintech Agenda, Thursday in Nusa Dua, Bali. In his direction, the President invited all parties to provide flexibility for technological innovation by not giving too binding regulations. In addition, he said, governments around the world must also provide protection to inventors to develop technologies that will benefit both economically and scientifically.

According to him, the technological innovation requires flexible space to conduct various experiments. Strict regulations, according to him, will only hinder innovation and encourage people to act against these regulations and enter unregulated domains.

 

"What we as national regulators would achieve? If we regulate too restrictively or if we try to move towards a closed system inside our national borders is nearly to drive economic actively further away into cyberspace where not only we cannot regulate it, most likely we will not even know it is happening until it is too late. Therefore I believe that openness to global standards and global platform in addition to light thought and save harbour are not only desirable policy but nearly realistic policy)of inventors are not only expected policies but also realistic policies," said President Joko Widodo.

Furthermore, in his direction at Bali Fintech Agenda, President Joko Widodo also acknowledged that the Indonesian government is still trying to socialize the reality of technological developments in the world today. Bali Fintech Agenda is a series of meetings held at the 2018 IMF-WB meeting in Bali. This agenda addresses opportunities and challenges for technology that have the potential to change the economic and financial landscape. Attending the Bali Fintech Agenda, World Bank Group President Jim Yong Kim, IMF Managing Director Christine Lagarde, a number of working cabinet ministers and ambassadors of friendly countries. (VOI/Ndy/AHM)