Sri Mulyani: Global Economy Recovers But Remains Uneven

TEMPO.CO, Jakarta - Finance Minister Sri Mulyani Indrawati said the global economy has recovered. After the 3.3-percent contraction in 2020, the IMF projected that the global economy would grow by 5.9 percent in 2021 and 4.4 percent in 2022.

“As we have all witnessed, the global economy has recovered, but the recovery has been uneven,” said Sri in a virtual meeting of G20 Finance Ministers and Central Bank Governors on Thursday, February 17.

She said the emergence of a new COVID-19 variant Omicron also contributed to increased uncertainty in the global economy. Like previous variants of concern, Omicron affected countries at different times.

The capacity gap to cope with the pandemic, including the rollout of vaccines across countries, is a major factor causing uneven recovery. These, she added, would shape the future global economic landscape.

She also said that Indonesia hosted the G20 Presidency at a time full of challenges. On the one hand, G20 countries must follow through on commitments to address global health challenges to help countries manage the impact of Omicron and other variants that may emerge. On the other hand, G20 countries will have to manage other short-term risks.

Managing the economic and financial impact of the pandemic and increasing equitable access to vaccines remain priorities for expanding and strengthening the global recovery. “And to make sure that we recover together and recover stronger,” said Sri Mulyani.

Read: Sri Mulyani: Economy Recovers Faster During Pandemic than in '98 Crisis

MUHAMMAD HENDARTYO