HEADLINE:
Tommy Kurnia
09 Oct 2018, 00:00 WIB
IMF-World Bank Group 2018 Meeting in Bali. Doc: Liputan6.com
Liputan6.com, Jakarta - The world's largest economic event began on Monday, October 8, 2018 yesterday. The event with the title The Annual Meetings of the International Monetary Fund & World Bank Group (IMF-WBG) took place on 8-14 October 2018 in Nusa Dua, Bali.
In this meeting, all Central Bank Governors and Finance Ministers from 189 countries will attend. As it turned out, the number of participants of the IMF-World Bank Annual Meeting had exceeded the targets set by the National Committee.
'From the target of 22,000 participants, per week 34 thousand have registered to participate in this event,' said Coordinating Minister for Maritime Affairs (Coordinating Minister for Maritime Affairs) Luhut Binsar Panjaitan as Chair of the National IMF-World Bank Annual Meeting Committee on Sunday.
In addition, several world-renowned figures are confirmed to attend the IMF-World Bank Annual Meeting in Bali. They include founder of Alibaba technology company Jack Ma and billionaire Bill Gates.
'Now is the era of digital economy. So everyone needs figures, speakers who can talk about digital economic development are now natural if they bring in Jack Ma,' said Head of the 2018 IMF-World Bank Annual Meeting Annual Work Unit Peter Jacobs.
Founder of the Bill & Melida Gates Foundation, Melinda Gates is also scheduled to be one of the speakers at this event. In addition to meeting the invitation of Indonesian President Joko Widodo, Philippine President Rodrigo Duterte will attend the IMF-World Bank Meeting.
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According to the New York Times, there are at least three big points that will be discussed related to the world's problems that are currently happening. The first is a trade war between the US and China which makes other countries anxious because of its unpredictability.
President Donald Trump successfully revised several trade agreements with a number of countries, such as Mexico and Canada. And with the strengthening of US and Korean relations, Trump is expected to try to invite his coalition to isolate China in order to encourage business and trade changes in the country.
The next issue that is expected to be discussed by the IMF Managing Director Christine Lagarde is a matter of trade war and its influence to encourage the growth of the entire nation.
Last but not least, discussion about the risk of an economic crisis. Previously, the IMF had previously warned of the crisis in the Global Financial Stability Report
Reporting from Market Watch, on October 2, 2018 yesterday, Lagarde claimed to have seen signs of a potential slowdown in economic growth that has affected many countries in the world.
'For most countries, it is now increasingly difficult to fulfill the promise of greater prosperity, because the weather of the global economy is beginning to change,' Lagarde said in her speech.
IMF-World Bank Infographics (Liputan6.com/Triyasni)
Financial Crisis Risk
The Guardian's Observer wrote that last week, the head of the IMF, Christine Lagarde, said the global economic outlook 'had become less bright', although the projections over the summer showed there would be 3.9 percent growth for 2018 and 2019.
The 2018 IMF-World Bank meeting in Bali this week will offer a different atmosphere compared to last year's edition in Washington - at a time when the world is experiencing the strongest period of economic growth since the 2007-2008 economic crisis.
Adding to Lagarde's comments, there was a warning last week in the IMF's global financial stability report, which said that there was a risk of another financial crisis caused by the government and regulators failing to implement reforms to protect the system.
Lagarde said, while the global economic expansion was running at the fastest pace in seven years, however, there were signs of a slowdown. In September, global factory activity declined as a result of changes in trade policy with the US - and Donald Trump received criticism of it.
The increasing use of trade barriers applied by a number of countries has also resulted in a decline in imports and exports, Lagarde said. Investment and manufacturing output have also been hit.
The reason is because Trump has consistently fought for a unilateral trade agreement in an effort to advance his 'America First' agenda.
'History shows that, even though we are tempted to economic self-sufficiency, countries must reject the call. Because, as Greek legend says, it actually makes ships (countries) sink,' Lagarde said as quoted by The Guardian's Observer.
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