“Democratize” the global economic system, says Indonesia – Asia and the Pacific

Democracy came under scrutiny on Thursday as the United Nations and host Indonesia called for a more inclusive global economic system at the Bali Democracy Forum (BDF), the second to be held during the ongoing pandemic .

Kicking off the event, Indonesia’s top diplomat said countries need to “democratize” economic and financial systems to support smaller and less wealthy states to accelerate global economic recovery.

“Let’s be honest with ourselves. Are international economic standards and regulations developed in a democratic manner, in the interest of all countries? Have decision-making processes in the global financial system always been democratic and inclusive? Foreign Minister Retno LP Marsudi asked Thursday in his opening speech at the forum. “The answer is an emphatic ‘no’.”