Economics Of Asia Pacific Countries Not Recovering, Jokowi Asks UNESCAP To Accelerate SGDs Funding

President Jokowi/Presidential Secretariat Youtube

JAKARTA - President Joko Widodo said that currently the economic conditions of several countries in the Asia Pacific region, including Indonesia, had not yet recovered after slumping due to the COVID-19 pandemic.

This was conveyed by Jokowi in his opening remarks at the 78th Commission Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) at the Merdeka Palace.

"The economies of several Asia Pacific countries have yet to recover, still below pre-pandemic levels. 70 percent of the total new unemployment occurs in our region, and 85 million people have returned to the abyss of extreme poverty", Jokowi said in a Youtube video broadcast by the Presidential Secretariat, Monday, May 23.

Jokowi said the region's economic growth this year, as predicted by the IMF, fell from 0.5 percent to 4.9 percent. The inflation rate is also estimated to reach 8.7 percent, up 2.8 percent from the original estimate.

In this regard, Jokowi revealed that the achievement of the Sustainable Development Goals (SDGs) is getting delayed. The Asia Pacific region is only estimated to be able to achieve the SDGs as early as 2065.

Therefore, Jokowi asked UNESCAP or the United Nations Social Economic Committee for Asia-Pacific to strengthen funding so that SGTs can be accelerated.

"Funding for the acceleration of SDGs must be strengthened. ADB estimates the need for 1.5 trillion USD annually to ensure the SDGs are achieved in the Asia Pacific by 2030. Meanwhile, the availability of global funding is only 1.4 trillion USD", said Jokowi.

"This big gap must be closed. Private sector investment must be encouraged. Although the Asia Pacific is the largest region for foreign investment, inbound and outbound, the value of investment to the region itself is still small", he continued.

Jokowi also asked UNESCAP to encourage the strengthening of intra-regional investment, support ease of doing business, and promote promotional innovation and business matching among funding member countries.

"UNESCAP collaboration with ADB and other funding institutions is highly expected. Indonesia itself promotes various innovative funding including SDG Indonesia one, green Sukuk, and the carbon economy", he explained.