Bank Indonesia Reveals Five Global Economic Challenges 2022, Crypto Assets Entered Radar

Governor of Bank Indonesia Perry Warjiyo (Photo: screenshot of BI Youtube)

JAKARTA - Governor of Bank Indonesia (BI) Perry Warjiyo said that there are at least five main challenges for the global economy in 2022 amid optimism for recovery which is now continuing to strengthen.

“Five new problems emerge that we need to pay attention to. First, the normalization of policies in developed countries and the uncertainty of global financial markets," he said while speaking at the Bank Indonesia Annual Meeting forum which was broadcast virtually, Wednesday, November 24.

According to Perry, the situation of continued uncertainty due to the COVID-19 pandemic can only be anticipated through a number of good preparations.

"Second, the impact of the pandemic bruising on corporations and the financial system," he said.

Meanwhile, for the third challenge, Perry assessed that the development of virtual currency is another main focus that needs to be observed.

"Third, the expansion of digital payment systems between countries and the risk of crypto assets," he stressed.

As for the last two points, the boss of BI revealed that the excesses of current economic development will be a challenge for the global economy next year.

“Fourth, the demands of a green financial economy. And the fifth is the widening of the gap so that economic inclusion is needed," he said.

Based on this identification, Perry said that Bank Indonesia would cooperate with the government to take advantage of the momentum of Indonesia's leadership at the G20 2022 to contribute to solving international problems.

"These five global issues will become the priority agenda of the Indonesian Presidency at the G20 next year with the theme Recover Together, Recover Stronger," he added.

In general, Perry projects that the direction of global economic recovery will be more even in line with the ability of many countries to control the pandemic.

"The economic recovery in 2022 will be more balanced in line with the easing of COVID-19, the opening of the economic sector, and policy stimulus. In developed countries, Europe and Japan followed the US (which started to recover). In emerging countries, India and ASEAN 5 also followed China. The volume of world trade is increasing, commodity prices are high," concluded BI Governor Perry Warjiyo.