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Communication Department​

4/10/2021 12:00 AM
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Global Economic Momentum Growing, Indonesia Focused on Coordinated and Inclusive Recovery

Press Releases

No. 23/94/DKom

Global economic momentum is growing yet the multispeed recovery is accompanied by large disparities between countries.  Recovery momentum not only rests on successful pandemic handling and vaccination program implementation but also depends on an effective policy response.  The Governor of Bank Indonesia, Perry Warjiyo, stressed the importance of coordinated global efforts to maintain the economic recovery, while prioritising green and inclusive economic and financial sector development.  That was a key takeaway of the virtual IMF-World Bank Spring Meetings, which also hosted the G20 Finance Ministers and Central Bank Governors Meeting, from 1st – 8th April 2021, with the Bank Indonesia Governor and RI Finance Minister, Sri Mulyani Indrawati, attending via video conference.

The global economic recovery faces several risk factors, including further potential pandemic outbreaks, a tightening of global financial conditions, a prolonged economic impact from the pandemic, the emergence of social issues, natural disasters and geopolitical risks.  Confronting such risks, the International Monetary Fund (IMF) has recommended a policy response tailored to the individual conditions and level of economic development in each jurisdiction.  Seeking to escape the crisis, the exit strategy must focus on health sector spending, target-based fiscal support, accommodative monetary policy and risk monitoring to ensure financial sector stability.  In terms of safeguarding the recovery, efforts should focus on increasing productive capacity and incentives to efficiently allocate resources.  In the long term, efforts are required that focus on strengthening international cooperation, reforming the policy framework as well as addressing climate change.

The IMF projects global economic growth at 6.0% in 2021 before moderating to 4.4% in 2022.  Economic growth is supported by policies in advanced economies and the ongoing global vaccination program rollout.  Moving forward, the IMF expects economic performance to be influenced by the pandemic, policy actions, financial sector developments and international commodity prices, as well as economic capacity to adjust to the various challenges facing the health sector.

At the G20 Finance Ministers and Central Bank Governors Meeting, G20 member countries reiterated their commitment to the global economic recovery, overcoming inequality, increasing financial system resilience and pursuing a green economic recovery.  The Bank Indonesia Governor supports global efforts to strengthen financial sector resilience based on the different characteristics of each country and took the opportunity to emphasise the need for cautious assessments to avoid prematurely withdrawing policy support.

During the Spring Meetings, the Bank Indonesia Governor, Perry Warjiyo, also conveyed Bank Indonesia's vision to overcome the pandemic through policy synergy and close coordination between the central bank, government, and other relevant authorities to catalyse the recovery and maintain economic stability.  The Governor’s Quotes are available for download via the IMF-World Bank Spring Meetings website as follows:

Head of Communication Department

Erwin Haryono

Executive Director

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Halaman ini terakhir diperbarui 4/13/2021 2:25 PM
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