Washington DC: The G20 members have underlined the crucial role of the G20 as the premier forum for international economic cooperation to deal with the current multifaceted and complex global economic challenges.
"The role of the G20 is important by upscaling policies into the world level," Bank Indonesia (BI) Governor Perry Warjiyo said in a press release on Wednesday.
"Each country is not only focused only on the impact of policies domestically in their country, but also on the recovery process in other countries," Bank Indonesia (BI) Governor Perry Warjiyo explained.
The G20 finance finisters and central bank governors finished their second meeting under the Indonesia Presidency in Washington DC, the United States (US) this week.
On the global economy agenda, G20 members expressed concerns about the wider and persistent inflationary pressures.
According to them, this condition will push central banks to increase their interest rate policies which in turn will result in faster-than-expected tightening of global liquidity.
The G20 members also stated that the geopolitical conflicts have made global growth and recovery much more complex.
On the global health agenda, members agreed that collective and coordinated action to control the COVID-19 pandemic remains a priority.
G20 members noted that the increasing number of COVID-19 in several regions had hampered growth, disrupted supply chains, and increased inflation, as well as slowed down the global recovery.
The G20 finance ministers and central bank governors will continue the dialogue at the Third Meeting, which will be held in Bali on 15-16 July 2022.
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