Sri Mulyani Indrawati
Sri Mulyani Indrawati
Sri Mulyani Indrawatiis an Indonesian economist who has been Minister of Finance of Indonesia since 2016; previously she served in the same post from 2005 to 2010. In June 2010 she was appointed as Managing Director of the World Bank Group and resigned as Minister of Finance. On July 27, 2016, Sri Mulyani was reappointed as Minister of Finance in a cabinet reshuffle by President Joko Widodo, replacing Bambang Permadi Soemantri Brodjonegoro...
NationalityIndonesian
ProfessionEconomist
Date of Birth26 August 1962
CountryIndonesia
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Sometimes our definitions fall short. Take, for example, the way we view income and labor. It simply doesn't cover enough of the work that women, and in particular poor women, are doing - especially in their own households and the vast 'informal' economy in which most of the world's poorest people work.
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Although many people in Aceh are still poor and vulnerable, the province resembles nothing like the place I saw the day after the tsunami hit.
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Financial inclusion helps lift people out of poverty and can help speed economic development. It can draw more women into the mainstream of economic activity, harnessing their contributions to society.
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There's broad recognition that you really have to put the money where people are going to self-manage.
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While prosperity and longevity arrive together, they cannot be treated the same. With greater wealth, people in Asia may not have to work as many hours as they do now. But living longer means they will have to work more years, not fewer.
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Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity is widely shared. Access to financial services plays a critical role in lifting people out of poverty, in empowering women, and in helping governments deliver services to their people.
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Being able to save, make non-cash payments, send or receive remittances, get credit, or get insurance can be instrumental in raising living standards and helping businesses prosper. It helps people to invest more in education or health care.
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In middle-income countries, inequality becomes a problem because you can see there is a layer of people who are doing well, while the poor are still stuck there. We have 300 million poor in India.
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People now, especially with the Internet, are connected. They have an expectation of behaviour, of accountability, avoiding conflict and fair and just competition.
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People feel they are not participating in the decision-making process. Decisions are exclusive to those at the very top. You have grown up with crony capitalism and it creates ever more resentment.
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Between 1995 and 2009, Western Europe's entrepreneurs created jobs faster than the U.S. did, and European economies exported more than the BRIC countries of Brazil, Russia, India and China. Eastern Europe's productivity increased more rapidly than East Asia's.
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At the World Bank, we are already working with our clients in developing countries to improve their governance systems, collect taxes, fight corruption, and recover stolen assets.
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Conflicting legislation and regulations, overlapping mandates, unwillingness to enforce land use, elite capture, entrenched attitudes, and lack of incentives to influence behavior are rife in many resource-rich countries.
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Do what is best for most people, not just a few. Prevent your elites and growing middle class, those who often benefit most from growth and development, from turning into a special interests group that blocks reforms.