Jakarta: Multilateralism is the only way to coordinate effectively responses against global challenges, Indonesian Foreign Minister Retno Marsudi has said.
"This is why our Presidency invited for the first time representatives of small island developing countries, our brothers and sisters from PIF and CARICOM together with the African Union," Indonesia's top diplomat said in her opening remarks during the G20 Foreign Ministers Meeting in Bali on Friday morning.
"Because in this polarizing world their interests also matter and their concerns are also our concerns," she stated.
According to her, the world has yet to recover from the pandemic, but the international community is already confronted with another crisis, the war in Ukraine.
The ripple effects are being felt globally on food, energy, and fiscal space.
And as always, developing and low-income countries are impacted the most.
Global growth is projected to slow down to 2.9% in 2022, while inflation may reach up to 8.7% for developing countries.
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