G20 Economic Benefits Twice as Big as IMF Annual Meetings

            The Coordinating Ministry for Economic Affairs predicts that the economic benefits of the G20 2022 Presidency for Indonesia will be 1.5 to 2 times greater than the IMF World Bank Group Annual Meetings in 2018. Head of the Bureau of Communications, Information Services, and Sessions, Haryo Limanseto, said that a physical meeting in the series of G20 Presidents will boost domestic consumption. In addition, many MSMEs will be involved during the G20 Presidency.

“If the meeting is held physically, there will be an increase in domestic consumption of up to Rp. 1.7 trillion,” said Haryo on the official website of kemenkeu.go.id. In addition, physical meetings will also increase the national Gross Domestic Product (GDP) up to Rp7.4 trillion. Then, Haryo predicts that there will be a workforce absorbtion of 33.000 in various sectors. Another benefit of the G20 Presidency for Indonesia is international branding.

The G20 forum will also encourage investment from G20 members and international organizations in Indonesia. Then, the international event will also broaden the public’s knowledge, especially the younger generation. The G20 presidency will discuss various matters, such as the financial pathway and sherpa pathway.

The sherpa pathway is part of the engagement group represented by civil society organizations, so that the discussion results from the sherpa pathway are not limited to top-down interests, but also open up opportunities for various stakeholders. The sherpa pathway will also focus on empowering MSMEs, such as encouraging the digitization of MSMEs, training in the context of upskilling MSMEs, and encouraging various pro MSME policies. “Thus, the output of this forum could have an impact on the community,” said Haryo.

January 14, 2022, CNN Indonesia