BI: G20 Collaboration To Help Restore Global Economy

In an official statement received on Monday (07/11/22) by local newswires, including Antara News, Governor of Bank Indonesia (BI), Perry Warjiyo has said that collaboration among G20 countries in formulating policies is expected to play a role in global economic recovery amid challenges such as the pandemic, geopolitical conflict, inflation, and climate change.

“Since the beginning of the (Indonesian) presidency, the G20 (members) have worked together to (highlight) critical global issues and have been able to provide concrete and collective solutions to promote recovery,” he said, according to Antara News.

During Indonesia’s G20 Presidency, discussions have focused on aspects of the payment system, with the G20 Road Map envisaging faster, cheaper, transparent, and inclusive cross-border payments (CBP).

Warjiyo said that the Central Bank Digital Currency (CBDC) is expected to enable the implementation of the road map, which is expected to provide extensive benefits to the global economy.

Bank Indonesia expects the meeting of the leaders of G20 countries to provide direction, guidance, and market confidence for supporting economic prospects and financial system stability going forward.

This is in line with the affirmation of the G20 members’ commitment to implementing policies that are calibrated, planned, and well-communicated to reduce the impact of the pandemic and support a sustainable, strong, balanced, and inclusive economic recovery.

This optimism has been backed by the sustained performance of the domestic economy, with economic growth projected to be in the range of 4.5 to 5.3-percent in 2022, supported by increased private consumption, investment, and exports, as well as maintained public purchasing power amid inflation, according to reporting from Antara News.

In October 2022, inflation was recorded at 5.17-percent Year-on-Year, lower than the initial prediction and last month’s CPI (Consumer Price Index) inflation of 5.95-percent.

The stability of the rupiah exchange rate was maintained amid the strengthening of the US dollar, and the depreciation rate was also better compared to the currencies of some developing countries, such as India, Malaysia, and Thailand.

Source: Antara News

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