Participating in the IMF-World Bank Spring Meeting in the US, Sri Mulyani Highlights Global Inflation

Finance Minister Sri Mulyani Indrawati speaks during the signing of the financial agreement for Indonesia’s Equitable Energy Transition Partnership, on the sidelines of the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Thursday (13/4/2023)., JAKARTA — Finance Minister Sri Mulyani Indrawati attended the IMF-World Bank Spring Meetings in the United States. The meeting will discuss the latest developments in the global economy.

The meeting is also a series of India’s Presidency in the G20. In the first session of the Finance Ministers and Central Bank Governors (FMCBG) meeting, Sri Mulyani said that the current economic conditions were not very good globally.

“This year’s world economy is expected to weaken considerably and inflation will become a challenge for various countries. Then, this will lead to monetary policy, namely increasing interest rates and tightening liquidity. This will threaten economic growth,” said Sri Mulyani in her account. Instagram personal @smindrawati, Friday (14/4/2023).

Based on the latest World Economic Outlook (WEO) report released on Tuesday (11/4/2023), the IMF predicts global economic growth will slow to a level of 2.8 percent in 2023. This figure is down from 2022, which was 3.4 percent. The IMF also revealed that developed countries are expected to experience a very real slowdown in growth, namely from 2.7 percent in 2022 to only 1.3 percent in 2023.

Sri Mulyani said that the meeting also discussed how financial system stability was affected by the weakening economy and interest rate policies in various countries.

“Starting from the weakening global economy, monetary policy, food and energy security, so that the stability of the financial system became the main topic of our meeting. We agree that the world needs to be vigilant, but remain optimistic that next year conditions will improve,” wrote Sri Mulyani.

The former Managing Director of the World Bank said this forum was a good reminder of how good cooperation at the global level is needed. This is because the crisis that is being experienced is not only experienced by one or two countries, but the whole world.

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