Countries Need Closer Economic Cooperation and Fairer Trade
Jakarta, Aug 2 – Indonesian Minister for National Development Planning and Chairman of Indonesian Development Planning Agency Bambang Permadi Soemantri Brodjonegoro has stated that the rise of a global ‘consumer economy’, driven by the emergence of a middle-income segment, should be viewed positively, as it helps serve as a cushion against economic shock, and further provides an opportunity to support
sustainable balance global growth, which benefits to the whole society.
Speaking at the 12th WIEF Global Economic Outlook in Jakarta today, the Minister suggests that in the near future countries need to develop a coordinated vision to stimulate global trade. This implies stronger economic cooperation among countries and fairer trade, to ensure global growth in the future, according to the Minister.
Themed ‘The Rise of the Consumer Economy’, the Global Economic Outlook event discusses the emergence of new consumer-driven frameworks that allow designing, building, marketing, distributing and trading. This bottom-up approach to value creation is fueled by peer-to-peer networks and DIY platforms that constitute a ‘frugal economy’.
Commenting about the session’s theme, International Trade Center (UN/WTO) Executive Director Arancha González analyzes the current situation as a mix of top-down and traditional value change with more innovative, agile, small, micro enterprises operating from the bottom up, driven by technology and innovation, and buoyed by enthusiastic consumers.
Group Head Islamic Banking and CEO of Maybank Islamic Dato’ Mohamed Rafique Merican said that the Rise of Consumer Economy encourage banks to compete not only with other banks but also with FinTech and telco companies – thereby raising the question as to whether banks are still relevant. Against this, banks cannot but embrace technology as an enabler, simply to survive.
Meanwhile, General Electric Indonesia CEO Handry Satriago has observed how the old concept that views markets as a future concern fails to fit the current situation. While his Company continued to plan out future markets, future investments, and projects to be carried out, the lumbering corporation was just too slow to stay up with the wave of growth.
In brief, in order to maximize the potential of the rising of the consumer economy, there is an urgent needs to develop and initiate comprehensive policies and strategies, including the potentiality of the SME’S to fulfill the increasing demand of the domestic and global consumers.
