Jayanty Nada Shofa, Jakarta – President Joko "Jokowi" Widodo said on Tuesday the whole world is paying the price for the ongoing Russia-Ukraine war that brings devastating impacts on the economy and overturned the global economic outlook.
Speaking at the 2022 Investor Daily Summit at the Jakarta Convention Center, Jokowi said fundamental changes in the global economy were taking place.
Geopolitical tensions, added with the climate change, have made the world increasingly become unpredictable.
"The [global] economy has been projected to grow by 3 percent in 2023, but the last time we know it was lowered to just 2.2 percent," Jokowi said.
"This is what we call paying the price of war, and the price is very expensive," Jokowi told the conference.
The Indonesian government has to spend Rp 502 trillion on humanitarian aid and energy subsidies amid soaring global oil and gas prices as a result of Russia's invasion of Ukraine, Jokowi said.
Jokowi added any country can be thrown off track if they are not careful, especially following the Ukraine-Russia war.
"But in this age of uncertainty, we must remain optimistic, yet at the same time wary," the two-term president said.
The Investor Daily Summit draws more than 50 speakers from home and abroad. The annual investment conference will address the theme of "Optimism in Uncertainty".
Hosting the summit is leading media group B Universe, which was formerly known as Beritasatu Media Holdings.
"We gather here on this two-day summit to exchange views and discuss the possible solutions to address the challenges before us," B Universe executive chairman Enggartiasto Lukita said.
"And also to lay a strong foundation for cooperation to recover together, recover stronger in line with Indonesia's G20 chairmanship this year," he added.