World Bank cuts global economic growth to 3.2%,
 Ukraine-Russia war to blame 

  The World Bank has again cut its global economic growth forecast for 2022 due to global uncertainty

  and recent geopolitical tensions. 

  Among the major considerations for the cut was the ongoing conflict between Russia and Ukraine, rising

  levels of inflation across the globe, and the lingering effect of the pandemic. 

  It has slashed global economic growth forecast to a rate of 3.2%. The international institution had previously

  forecasted a global economic growth rate of 4.1%.  

  This forecast was even lower than the estimate announced last year of 5.7%. World Bank President

  David Malpass said the projection was updated prior to the spring meetings of the World Bank and the

  International Monetary Fund.  

  “We begin this spring meeting facing severe overlapping crisis. There’s COVID, inflation, and Russia’s

  invasion of Ukraine,” Mr. Malpass said, as quoted by The New York Times on Tuesday, April 19, 2022. 

  Mr. Malpass said these uncertainties were expected to drive up global poverty rates as it will drive up

  commodity prices, including energy, fertilizer, and food. Rising interest rates are further expected to slow

  and exacerbate inequality. Mr. Malpass added there could also be a sharp contraction between economies

  of Russia and Ukraine. 

  Countries closest to Russia and Ukraine in Europe and Central Asia would inexplicably feel the effects,

  he said. “Consumers in advanced are expected to reduce their spending as gasoline prices rise,” he added. 

  Source: Kompas 

  BPS: Indonesian exports hits another record high in March 2022

  Indonesia exported US$26.6 billion worth of goods and services in the March of 2022 period, the highest in

  history, the country’s statistics bureau reported on Wednesday, April 18, 2022. 

  The Indonesian Central Statistics Agency (BPS) noted that exports rose 29.42% month-to-month, wherein

  non-oil and gas exports rose 28.82% (mtm) and oil and gas exports rose 41.24% (mtm). On annual terms,

  Indonesia’s exports climbed 44.36%. 

  “The main increase among non-oil and gas exports was due to the increase in mineral fuel, in which there

  was a 54.45 percent month-to-month increase in March, followed by steel and iron ore at 37.15 percent

  month-to-month,” BPS Chief Margo Yuwono said in a virtual press conference. 

  The increase in export numbers was also affected significantly by the rise in commodity prices caused by

  war between Russia and Ukraine. Indonesian crude oil prices or ICP, for example, rose 18.58%

  month-to-month or 78.74% year-on-year in March 2022. 

  The increase in export further contributes to Indonesia’s streak of trade surpluses, which rose again to $4.53

  billion as of March 2022, up from $3.83 billion in February of the same year. “This amounts to 23 months of

  back-to-back surpluses,” Margo said. 

  Source: Bisnis 

  Janet Yellen and other finance ministers walk out
 of G20 meeting as Russia speaks 

  Treasury Secretary Janet Yellen and other global financial leaders walked out of a G20 session as Russian

  officials were speaking on Wednesday in an effort to underscore Moscow's isolation following the invasion

  of Ukraine. 

  Yellen's counterparts from the UK and Canada joined the walkout, as did officials from Ukraine, while the

  session was taking place in Washington, D.C. 

  "The world's democracies will not stand idly by in the face of continued Russian aggression and war crimes,"

  Canadian finance minister Chrystia Freeland said in a tweet about the walkout. "Russia's illegal invasion of

  Ukraine is a grave threat to the global economy. Russia should not be participating or included in these

  meetings." 

  The Treasury Department declined to comment on Yellen's walkout but noted that she emphasized "there will

  be no business-as-usual for Russia in the global economy" when she met Tuesday with Indonesian finance

  minister Sri Mulyani Indrawati. 

  Indonesia is chairing the G20 this year. 

  Russia is increasingly isolated 

  The U.S. and its allies have imposed sweeping sanctions on Russia after its invasion of Ukraine, including

  preventing Moscow from accessing its foreign exchange reserves. 

  The U.S. has also banned imports of Russian oil, while the U.K. has targeted some of the Russian wealthy

  elite who live there. 

  "We are united in our condemnation of Russia's war against Ukraine and will push for stronger international

  coordination to punish Russia," said Rishi Sunak, the U.K.'s chancellor of the Exchequer, in a tweet about

  the walkout. 

  The gathering of G20 finance ministers was held in conjunction with the spring meetings of the International

  Monetary Fund and the World Bank in Washington, D.C. 

  The IMF downgraded its forecast of global economic growth this week, saying Russia's invasion of Ukraine is

  largely to blame. The war has rattled global markets for energy and food. 

  "Beyond its immediate and tragic humanitarian impact, the war will slow economic growth and increase

  inflation," IMF research director Pierre-Olivier Gourinchas said Tuesday. 

  Source: NPR