G20 in Hopes of Recovery

Over dozens of thousands of years, our earth has been changing either through natural causes or simply just because of humans. As the world revolves, we humans have constantly been developing and learning new materials on just how to get on. In this modern era, ensuring the economy runs well is tremendously important for a life, and nonetheless, to pay attention to our surroundings as we do so.

Ever since the COVID-19 pandemic hit, not only Indonesia’s, but the rest of the world’s economy has hit a roadblock. Public activities are heavily restricted in most areas, and along with that, the world’s economy started deteriorating. However, over the past year, so many have been trying to recover the financial state of the world, and that is where Bank Indonesia along with the other G20 members comes in.

TO TELL ABOUT G20

G20 is a forum assembled of 20 members. Consisting of 19 countries from around the world and the EU (European Union).

With the presence of the G20 forum, 20 members unite to stabilize the world’s economy. What’s more, G20 addresses issues this world has to offer.

HISTORY OF G20

Formed in 1999, with the intention of discussing policies in an effort to reach international financial stability. G20 was formed as an attempt to find solutions to global economic conditions, as a result of the financial crisis that hit in the years 1997-1999. It consists of middle-income countries and influential systemic economic countries, like Indonesia. 

At first, G20 Finance Ministers and Central Bank Governors started holding meetings after being advised by the G7 Finance Ministers. However in 2008, the 20 members gathered at G20’s first summit, and the country’s leaders decided to hold another meeting, due to the financial crisis that aroused in the US (United States) at the time. 

Since then, G20 has been holding annual summits, along with that, the G20 Finance Ministers and Central Bank Governors gather several times a year, together with Sherpas.

THIS YEAR’S PRESIDENCY

Image source: https://www.esdm.go.id/en

Every year, the presidency of G20 switches among the members. This year’s G20 Presidency is Indonesia’s Presidency. Bank Indonesia is going to hold the summit on an island in Indonesia, called Bali. 

The Bali Summit will begin on the 15th-16th of November. This year, there are a few main priority issues that are going to be discussed. Those main priority issues namely; Global health architecture, digital transformation, and sustainable energy transition.

The presidency of Indonesia that will be held this year mainly focuses on the three named problems.

GLOBAL HEALTH ARCHITECTURE

Health is a valuable possession one can ever have. In efforts to make the global health system more accessible, the forum will be figuring out a way when it comes to the limited public health systems, in this year’s presidency. Being one of the world’s number one problem, discussing this with open hands, and urgently finding the solution to this problem through the G20 forum will be an enormous help.

DIGITAL TRANSFORMATION

As the world goes through globalization, about everything is quickly digitalizing. The cooperation of a promising forum will be the landscape that the rapid digitalization of the global economy needs. Digital transformation of the world to be able to restore the order in the global economy, post COVID-19 pandemic makes the topic “Digital Transformation” a key. This is brilliant, owing to the fact that keeping up with time is definitely a must if we want to overcome this problem.

SUSTAINABLE ENERGY TRANSITION

Transitioning energy into a cleaner version is an urgent matter. As global warming causes the climate to be incredibly disturbing, it has an impact when it comes to global development. Using the old form of energy instead of transitioning into a cleaner and more sustainable energy continuously may cause the earth to deteriorate even further. Investing in sustainable energy can allow the transition to happen, though it may require a large amount. 

Through G20, the 20 members share a responsibility to ensure that the use of sustainable energy runs ideally. As the time keeps flowing, it’s about time that we start to do so, because if it’s not us humans who’ll start it, who else will?

Image source: https://erasmusu.com/

As time goes on, people will hope for the continuous growth of this world. The efforts of G20 are bound to shine through and people are surely hopeful for the best results. In the future, G20 will hopefully focus on a broader spectrum of problems that there are in this world. Though it will be a challenge to overcome major world problems, through the G20 forum, there’s hope. We, as Indonesian citizens, yearn the best for our country. 

We expect to be witnesses of the darting advancement of the country’s economy. May the future hold the best possibilities, not only for our country but for the world as well. It’s time we write history as the 2022’s G20 Presidency holder.

With G20, Recover Together Recover Stronger