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Indonesia’s G20 Presidency Will Drive A Sustainable Global Economy

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By: Abdul Rozak )*

The implementation of the G20 Presidency of Indonesia will continue to encourage the revival and sustainable recovery of the global economy. This is for the sake of moving forward together to answer all the challenges that are still happening.

So far, Indonesia in terms of the finance track has formulated a number of six main agendas that will indeed continue to be pushed, which include an exit strategy in order to support recovery, encouraging efforts to overcome the impact of the pandemic to be able to secure future growth as well as the payment system. in the digital age.

This is because the whole world is currently struggling to recover after the Covid-19 pandemic. The reason is that there are indeed many things that have been affected after being shaken by the pandemic, so that not only health, but also the economy, it turns out to be very affected due to restrictions on human mobility so that economic activity stops.

Furthermore, in the entire series of agendas for the Group of Twenty (G20) Summit, in which Indonesia was appointed as the presidency, efforts to continue to encourage a sustainable economy were also carried out. This will be created through digital financial inclusion because it is absolutely undeniable that in the modern era like today, almost all aspects of human life will definitely use digital technology.

Not only that, but there is also the development of MSMEs that are far more advanced because so far Indonesia’s own economic fundamentals have been supported by how MSMEs move in society, even contributing a large amount of state revenue; and the last thing is about international taxation.

Senior Deputy Governor of Bank Indonesia (BI), Destry Damayanti said that the G20 Presidency of Indonesia strives to continue to maintain global development goals in order to encourage global economic growth that is much stronger, sustainable, balanced and inclusive.

According to him, the six agendas that have been stated are indeed solutions that can be said to be very relevant to be carried out in current conditions and even for some time to come. Not only relevant, but all of these strategies are very capable of contributing and impacting each other.

Destry added, if in the future it turns out that there is a problem with a slightly different formulation, but if the core problem is the same, the way to handle it will be more or less similar so that it becomes a very smart step to continue and develop.

As the leader of the G20 Summit or the presidency, Indonesia itself has a strong commitment to continue to maintain and also create a policy that is capable of maximally calibrating one another. Not only that, but the planning is also carried out well, including the good communication that is maintained between all parties who have an interest.

Furthermore, Destry added that currently the global economic condition itself is still in the shadow of uncertainty because things are very complex and also very filled with volatility, to ambiguity or usually better known as VUCA (Volatility, Uncertainty, Complexity and Ambiguity). ).

In fact, when they found out that the world’s economic conditions were not doing well, all countries knew about it. However, they certainly have their own unique way or approach in dealing with these problems, including how to maintain the momentum of recovery while at the same time maintaining the stability of the economy they have.

With the G20 Summit held and chaired by Indonesia, the countries that initially had each other’s plans then tried to continue to be encouraged to be inclusive or united and work together so that all of them could share certain ways or strategies when facing challenges. economic uncertainty.

Indonesia as the G20 Presidency is very aware that it is undeniable that a reaction carried out by a country will certainly have an impact whether it is significant or not on other countries because nowadays there has been a thing called globalization so that it seems that there are no longer geographical boundaries between one another. with other countries and all of them can influence each other.

For this reason, if for example there is a country that turns out to have issued a policy but made a wrong step, it can also be said that the wrong decision will make other countries feel the impact of the loss. Even greater impact will be to create another crisis that forms a circle and has no end. Of course, when all countries are able to sit in a forum and discuss many things, the chances of being trapped and formulating wrong policies can be minimized better.

All the world’s challenges that are already in sight, especially regarding how to jointly recover the global economy in the midst of conditions that continue to worsen and are completely uncertain as now, make Indonesia as the G20 Presidency to continue to encourage a sustainable global economy.

)* The author is a contributor to the Nusa Bangsa Institute

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