JAKARTA (TheInsiderStories) – The World Economic Forum  (WEF) Annual Meeting 2019 has entered its third day. Various issues have been discussed, where each leader are given the opportunity to present the achievements and calls strengthening of world economic growth, information security and global climate change, and other themes.

In her speech, German Chancellor Angela Merkel delivered a full defense about the collaborative development of new global architecture. She said, that the global financial crisis had major consequences in the next 10 years and people no longer trust the global financial system.

“If you look at corporate and bank balance sheets, then there will still be a big impact in the future,” said Merkel.

Referring to history, in 1971, there were 3.8 million people in the world, and 60 percent lived in extreme poverty. But now the world has 7.6 billion people and only 10 percent live in extreme poverty. This number is absolute and relative has dropped, added by her.

For this reason, Merkel said that Germany has certain institutions that set global guardrails. Therefore the world must accept the reality and reform this.

She noted, reforming global institutions is complex. Above all, the world has a disturbing Fourth Industrial Revolution (4.0). In March 2019 the world will have new steps that show that reform is possible.

Regarding data security, she gave an example, in the United States (US), where a lot of data is held by private entities. In China, a lot of individual data is held by the government. In contrast, the European Union (EU), with all its mistakes, developed the General Data Protection Regulations. This may not be perfect, but try to achieve balance.

Furthermore, the chancellor welcomed the Osaka Plan on data protection announced by Japan’ Prime Minister Sinzo Abe. Merkel also mentioned Brexit, which she called a European shock, when Britain wanted to leave the EU.

On the other hand, US Secretary of State Michael R. Pompeo in his speech, brought the issue that became a polemic in his country, namely about the issue of building a border security.

According to him, a strong border is the key to a strong country. That’s why the US government insists on maintaining the sovereignty and security of its citizens. The government knows that economic security is national security.

Pompeo actually appreciated the success of the Donald Trump’ administration which was able to increase US GDP growth beyond three percent of each of the last four quarters.

In addition to rising wage growth, Pompeo also said that the unemployment rate of women at US reached its lowest level in 65 years. While in the manufacturing sector, it has added 284,000 jobs in 2018, the most since 1997.

Therefore, he asked countries in the world to adopt the economic blueprint, where taxes are low, regulations are slender, and trade reforms. He also mentioned the number of new threats to the US, such as North Korea‘s nuclear program, Iran’s problems, trade war with China, war against its neighbors, and radical Islamic terrorism. Therefore, he asks the world to support efforts to face the challenges of the date.

While, Abe in his special speech conveyed about the success of his government in injecting hope into the country’ economy, in part by pushing women into the declining to the labor force. The number of people over 65 years who are still working also increased by two million.

Since 2012, the population of working age in Japan has decreased by 4.5 million. Japan has responded by pushing hard for “womenomics”. He said, many Japanese companies have responded by raising wages by two percent, the highest increase since five consecutive years. As a result, during his six-year tenure, Japan GDP has grown 10.9 percent, adding US$490 billion in the economy.

Recently, Japan also made a new law, in which, for the next five years, as many as 340 thousand skilled workers will be invited to Japan from abroad. In addition, at the G20 meeting on June in Osaka, Abe stated that it was necessary to develop good policies regarding data protection and data flow.

Therefore, Japan will launch the new train track to see data governance under the auspices of the World Trade Organization. This new track will determine ways for personal data and security under careful privacy protection, while at the same time facilitating the free flow of medical, industrial, traffic and other data.

He stated that the world is currently living in a new reality where data drives everything – so that the Free Flow Trust Data (FTD) must be the main agenda in the new world economy. Abe also hopes it needs to highlight the role of innovation in tackling climate change, because the world is being disrupted.

On an international scale, Abe stated that Japan was determined to maintain and commit to improve the international order that was free, fair, open and rule-based, for example effective in protecting IP and also in fields such as e-commerce and government procurement.

According to him, with the existence of Society 5.0, it is no longer capital but the data that connects and moves everything, helps fill the gap between the rich and the disadvantaged.

Written by Daniel Deha, Email: theinsiderstories@gmail.com