JakartaPost-Dec 10, 2021
Democracy was put under the microscope on Thursday as the United Nations and host country Indonesia called for a more inclusive global economic system at the Bali Democracy Forum (BDF), the second to be held during the ongoing pandemic. Kicking off the event, Indonesia’s top diplomat said countries needed to “democratize” economic and financial systems to support smaller, less affluent states as a means of speeding up the global economic recovery. “Let’s be honest with ourselves. Are international economic norms and regulations developed in a democratic manner, in the interest of all countries? Have decision-making processes in the global financial system always been democratic and inclusive?” Foreign Minister Retno LP Marsudi asked in her opening remarks at the forum on Thursday. “The answer is a resounding ‘no’.” Retno noted that reports from the UN and various international financial institutions warned of unequal economic recovery prospects, with 90 percent of advanced economies expected to regain their prepandemic per capita incomes next year. The rebound would take many more years for other nations, she said, especially least developed countries (LDCs), landlocked developed countries (LLDCs) and small island developing states (SIDS). Read more at: https://www.thejakartapost.com/world/2021/12/09/democratize-global-economic-system-indonesia-says.html.
