“While we call it a borderless problem, the response at global level is still lagging behind or even worse,” Indrawati said here at the 53rd annual meeting of the board of governors of the Asian Development Bank (ADB), held virtually on Friday.
The former managing director of the World Bank pointed out an irony in the handling of the pandemic caused by the SARS CoV-2 virus.
When the global financial crisis hit countries in 2008-2009, she said, some countries, including G-20 members, had worked together to save the economy.
“Now, as we are facing climate change and COVID-19, the initial, instinctive reaction by most countries has been to close borders and look inwards," she said.
She recalled the situation 20 years ago, when many countries tried to lower their poverty rate through cooperation in open trade and investment.
Similarly, in handling the COVID-19 pandemic, she continued, countries need to cooperate. No country can work alone, even a large one, she averred.
Global solidarity is needed to obtain the vaccine, and revive economy, trade, and investment across countries, she remarked.
"I hope that after the COVID-19 pandemic, there will be new globalization, which is more inclusive, more caring, and seeing not only growth, but also sustainable (economy). Then, we will have better cooperation," she said.
The meeting was attended by ADB president Masatsugu Asakawa; Deputy Finance Minister of China, Jaiyi Zou; Japan's Central Bank Governor, Haruhiko Kuroda; Economic and Digital Minister of Spain, Nadia Calvino; and, an official from the Economy and Finance Ministry of South Korea, Huh Chang. (INE)
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Translator: Dewa Ketut SW, Sri Haryati
Editor: Suharto
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