The economic crisis may turn into a social crisis.Jakarta (ANTARA) - Speaker of the House of Representatives (DPR) Puan Maharani has invited the members of the parliaments of G20 nations to work hand-in-hand to overcome global economic turmoil through multilateralism to prevent an economic recession.
She made the statement while opening the “Parliamentary Forum in the Context of the G20 Parliamentary (P20) Speakers Summit” at the Parliament Complex here on Wednesday.
P20, which has been organized under the Sherpa Track, is an engagement group for parliamentary speakers and people's representatives from G20 countries, which aims to bring a parliamentary dimension to global governance and increase political support for international commitments.
According to the Indonesian House Speaker, multilateralism is needed to expedite economic transformation to improve people's welfare and bolster G20 attempts for realizing the sustainable development agenda.
Related news: SAI20, P20 collaboration can expedite economic recovery: BPK
In the future, the central banks of various states around the world might increase their interest rates steeply in response to the current global economic turmoil, she predicted.
“The turmoil may decline the welfare of the global community. The economic crisis may turn into a social crisis," she remarked.
Hence, Maharani emphasized that cooperation among countries, especially G20 countries, is required to ensure that the supply chain of strategic commodities runs well.
In addition, countries who are the producers of the strategic commodities are expected to establish joint commitment to maintain a sustainable global supply of the products, she added.
Furthermore, she said that it is necessary to collaborate in providing development stimulus for encouraging the domestic economy.
“Thus, consumption level and purchasing power can be maintained,” she added.
Related news: DPR committed to making Indonesian G20 Presidency success: Maharani
The Indonesian Speaker also said that the implementation of the digital and green economy should be strengthened so that they can form an inclusive economic ecosystem.
Indonesia has bolstered the development of the two economic sectors by increasing the ease of doing business as well as developing digital banking, carbon taxes, and new and renewable energy, she informed.
She said she believes that multilateralism can help address various global problems -- such as resolving trade wars and geopolitical conflicts, overcoming food crises, reducing energy exploitation, as well as encouraging global advancement.
"Hopefully, today's discussion -- namely the ‘P20 Inter-Parliamentary Forum on the Role of Parliament in Strengthening Multilateralism in the 21st Century as well as Mitigating Climate Change’ -- can establish a productive joint agenda," she added.
The “Parliamentary Forum in the Context of the G20 Parliamentary (P20) Speakers Summit” is a part of the 8th P20 Speakers Summit, which will be held on October 6–7, 2022, at the Parliament Complex, Jakarta.
Related news: P20 and parliament's role in addressing global issues
Related news: DPR Speaker urges P20 to address climate change
Translator: Melalusa Khalida, Uyu Liman
Editor: Fardah Assegaf
Copyright © ANTARA 2022
