"With so many problems in the world economy, it is enough for us to say that `Winter is Coming`," President Joko Widodo said at the Opening Plenary Event of the Annual Meeting of the Bank of Bali Nusa Dua IMF Bali Convention Center on Friday.
The president associated the current global economic situation as it happened in the Game of Thrones series where there`s a constant struggle for influence and power.
Ten years ago, said the President, the world was experiencing a Global Financial Crisis.
"Thanks to extraordinary monetary and fiscal policy measures, which required great political courage, brothers and policy makers saved the world from global depression, which at that time was in sight," he said.
For this reason, he congratulated the success of the policy makers in overcoming the 2008 Global Financial Crisis.
After 10 years had passed, he added, the world was judged to still be wary of increasing risk and preparedness in experiencing global uncertainty.
"As Christine Lagarde said, there are many problems that overshadow the world economy," he said.
The United States enjoys rapid growth, said the President, but in many countries there is weak or unstable growth.
He added that trade wars were increasingly rampant and technological innovation resulted in many industries being shaken.
"Growing countries are also experiencing huge market pressure," he said.
According to him, in the last few decades, developed economies have encouraged developing economies to "open themselves up" and participate in free trade and open finance.
He said that globalization and international economic openness have provided many benefits, both for developed and developing countries.
"Thanks to the care and assistance of developed economies, we developing countries are able to contribute greatly to the growth of the world economy," he said.
President Jokowi`s speech received a standing ovation twice from thousands of attendees and became a trending topic on social media.
Reporting by Hanni Sofie
Editing by Eliswan Azly, Yoseph Haryadi
Reporter: Antara
Editor: Suharto
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