The overarching theme at the 2015 Asian-African Conference in Indonesia this week was the need for “a new economic world order”.
The World Bank and the International Monetary Fund (IMF) were roundly criticised for failing to deliver solutions for the global economy to alleviate poverty, distribute wealth and close the inequality gap.
At the opening of the conference in Jakarta, Indonesian President Joko Widodo said the World Bank and the IMF are reluctant to recognise that the world has changed. He said Asian and African countries need to build a new global economic order that is open to emerging economic powers.
“The view that the world’s economic problems can only be solved by the World Bank and the IMF is an outdated view. I am of the view that the management of the global economy cannot be left only to these international financial institutions,” said Widodo.
‘Global injustice is real’
He said rich nations that only house 20% of the world’s population consume more than 70% of its resources.
“When hundreds enjoy the lives of the super-rich, while more than 1.2?billion people in the southern hemisphere struggle with less than $2 a day, then global injustice becomes real.”
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