Economic system

“Democratize” the global economic system, says Indonesia – Asia and the Pacific

Dian Septiari (Jakarta Post)

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Jakarta ●
Fri 10 December 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 .

Launching the event, Indonesia’s top diplomat said countries need to “democratize” economic and financial systems to support smaller and less wealthy states to accelerate global economic recovery.

“Let’s be honest with ourselves. Are international economic norms and regulations developed in a democratic way, in the interest of all countries? Have decision-making processes in the global financial system always been democratic and inclusive? asked Foreign Minister Retno LP Marsudi in her opening speech at the forum on Thursday. “The answer is a resounding ‘no’.”

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