There were many notes yesterday, how the dynamics were very high until the final result. No one thought that we would come out with a declarationJakarta (ANTARA) - The G20 Bali Leaders' Declaration has become proof of the success of Indonesia's G20 Presidency in holding the G20 Summit in Bali, Deputy Governor of Bank Indonesia (BI) Dody Budi Waluyo stated.
"There were many notes yesterday, how the dynamics were very high until the final result. No one thought that we would come out with a declaration," Waluyo noted during the dissemination of information on the Nusantara Report and launch of the Manufacture and Tourism Book event monitored online on Friday.
G20 is an international forum comprising 19 countries and the European Union that work together to handle major issues. Indonesia is holding the presidency of the grouping this year. The G20 Summit was held in Bali on November 15-16, 2022.
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According to Waluyo, the declaration has also become the success of Indonesia's leadership that is neutral that becomes a capital for leaders of other countries in G20.
He noted that the engagement group meetings or G20 ministerial meetings after the conflict occurred in Ukraine could not produce a single communiqué, consensus, or declaration.
"Those meetings only resulted in conclusions, remarks, or recommendations," he stated.
From the results of the G20 Summit, inclusive and sustainable economic growth needs to be achieved in the short, medium, and long term.
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He said that in the short term, the geopolitical conflict and the COVID-19 pandemic that affected the global economy must be anticipated, especially by Indonesia.
"According to records of the G20 Summit, we are entering 2023 with not good conditions, meaning that there has been fragmentation in terms of trade, economy, finance, and policy, which has medium- and long-term impacts," he remarked.
Inflation that can potentially remain high and the slowdown in economic growth need to be watched out for.
"If the economy slows down, interest rates increase, inflation remains high, maybe these will become a threat," he stated.
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Translator: Sanya Dinda, Raka Adji
Editor: Fardah Assegaf
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