"Discussions at the 2nd FWG meeting focused on the current global economic situation and priority issues of the Presidency, which is the macroeconomic impacts of climate change and the scarring effect," the presidential co-chair, Nella Sri Hendriyetty, said here on Thursday.
The 2nd FWG meeting, which took place in Jakarta on May 24 and 25, 2022, was a follow-up to the first FWG meeting hosted in January and the 2nd Finance Ministers and Central Bank Governors meeting in April.
At the 2nd FWG, delegates discussed the outlook and global economic risks caused by the war in Ukraine, high and persistent global inflationary pressures, and the impact of stricter monetary policies in many countries.
One of the ideas brought up during the first day of discussion was the need for global awareness of threats to food and energy security, which might hinder recovery and put welfare at risk.
On the second day of the meeting, delegates discussed the impact of climate change on the macroeconomy and efforts to mitigate it.
Hendriyetty highlighted the importance for member countries to pursue collective action for mitigating climate change while taking each country’s conditions into account.
Related news: Need multiparty involvement to close workplace gender gap: ministry
The second issue discussed was the scarring effect, with member countries planning to gradually cease support for policies for handling the pandemic, including tax stimuli.
Several factors were considered for the implementation of this strategy, including improving the pandemic situation, economic recovery, encouraging productivity, increasing income, and improving labor market conditions.
"From the various impacts of the pandemic, the most concerning is the scarring effect on education and the human resources quality aspects," the Indian co-chair, Anantha Nageswaran, said.
The results of the 2nd FWG meeting will be among the inputs for the third Finance Ministers and Central Bank Governors, which will be conducted in July this year.
Related news: Exploring main venues for leaders of G20 member countries
Translator: Astrid F H, Mecca Yumna
Editor: Rahmad Nasution
Copyright © ANTARA 2022
