Indonesia was one of the few economies at the recent G20 meeting – in addition to China and India - which came through the global economic crisis with positive economic growth.
"We have managed to grow by 4.5 percent this year, while most other countries have experienced negative growth," President Susilo Bambang Yudhoyono told Indonesian journalists who traveled with him to the United States to attend the G20 Summit last week.
Hosted by US President Barack Obama, the G20 summit pledged to maintain the recovery of the global economy and prevent new crises from taking place again, with Indonesia saying that the results will help strengthen its resilience in the face of the global economic downturn.
President Yudhoyono praised the summit decision to merge the club of the world's eight largest economies (G8) with the G20. "It is in line with Indonesia's expectation that the G20 becomes a permanent institution and it is good. Because if only G7, or G8, then this only represents industrialized countries, which are mostly from Europe. Only one is from Asia, that is Japan," said the President.
Indonesia, Yudhoyono said, would also benefit from tighter international financial standards and disciplines, which will reduce the negative impacts of the problems of the global financial system on the country's domestic economy.
The summit leaders also made commitments to increasing share quota and voting power for dynamic emerging markets, especially China, by at least 5 percent in the IMF and 3 percent in the World Bank. The shift of shares in the IMF, for instance, has increased the quota share for developing nations up to 48 percent compared to 52 percent for developed nations.
The G20 countries represent 85 percent of the global economy, including major developed and developing nations.
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