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Opinion

US-China trade war threatens to derail emerging economies

Indonesia and other nations must cooperate in face of 'myopic unilateralism'

| Indonesia
Indonesian President Joko Widodo and other world leaders gathering in Bali in October agreed to keep multilateralism alive. (Anadolu Agency/Getty Images)   © Anadolu Agency/Getty Images

Managing an economy is not for the faint of heart. Policymakers must constantly monitor the ever-evolving global economic landscape, and anticipate lightning-fast changes that can breed volatility and uncertainty. As today's political and economic turbulence attests, the impact of events in one place can be felt far and wide, but particularly in emerging economies.

To stay ahead of the curve, policymakers must put international cooperation above short-term national interest. And yet, in the last two years, protectionism, policy divergence, and a lack of coordination have begun to pose serious downside risks to the global economy. A confluence of factors is creating a perfect economic storm.

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