For at least the past 5 years, the global economy faces an increasingly more nuanced challenges. Starting from trade war in 2018, global pandemic in late 2019 that spawned over 2 years of 2020-1, and the most recent aggression in the Balkan area in early 2022 have indeed borne testament of economies around the world, facing the risks of becoming more autarkic, or at least taking a notable step back towards deeper integration.

A concerted effort is urgently required to reverse this vicious cycle and mitigate a global economic crisis. The Indonesian Presidency of G20 is one such opportune avenue. Indonesia is uniquely positioned being the only G20 member from Southeast Asia that championed various themes that encourage nations to unite, foster closer cooperation, and emerge stronger from prolonged crises. One such important global trend that call for higher unity and closer cooperation is to address the issue of sustainability. This area carries a broad spectrum, ranging from addressing the most pressing issue of global warming and global efforts to reduce carbon emission and be carbon neutral by 2030 onwards to other equally important areas such as deforestation, sustainable energy, sustainable financing, and carbon tax. What defines the future direction in the real world will now clash and intertwined with the world of finance. In this respect, we arguably can be more cooperative and more willing to work together, setting aside many differences, to bring about a better world and a more sustainable one. The G20 momentum brings great opportunity for Indonesia to determine the global policy direction and radically transform global economic trends. These would help spark advancement and closer collaboration, a pilot light to propel the global post-pandemic economy to be stronger and sustainable.

Through the UOB Annual Economic Outlook (AEO) 2023, PT. Bank UOB Indonesia in support of with G20, to encourage key stakeholders to gather and discuss in depth on future economic trends that will re-shape Indonesia and the world order. In sessions to follow, UOB AEO 2023 will delve deeper into these issues in optimistic hopes to create a more collaborative and cooperative world and regional economy while at the same time highlighting the key benefits and unleashing the potentials from these developments for the Indonesian economy for many more years to come.