SBY's Analysis on the Impact of the Middle East War on the Global Economy

Jakarta, CNBC Indonesia - Indonesia’s sixth president, Susilo Bambang Yudhoyono (SBY), believes the global economy could worsen if the war in the Middle East does not end soon. SBY expressed this view during the Supermentor 28 on Leadership event at the St Regis in Jakarta on Tuesday (14/4/2026). In his presentation, SBY discussed the 2008 economic crisis, stressing that leadership is crucial to achieving the goal of overcoming such crises. “I think everyone knows there is economic turmoil. Now be careful, if the war does not end soon in the Middle East, perhaps the fate of the world, especially the global economy, will be truly dire,” said SBY. SBY also mentioned the ongoing negotiations between Iran and the United States-Israel in Islamabad, Pakistan. Although the latest developments have ended in deadlock due to unacceptable conditions from both sides. According to the Chairman of the Democratic Party’s Supreme Council, even if the negotiations succeed, the impact of the war cannot be normalised quickly. This could lead to a repeat of the 2008 economic crisis. Therefore, he conveyed a message to world leaders. “If the war ends today, if a deal can be reached in Islamabad, it does not mean we are back to normal. It will take several months to stabilise, to normalise our economy, the global economy. Especially if not, it can be imagined,” he stated. “So, what we experienced in the past, the global economic crisis of 2008, could happen again if there is no global awareness, if world leaders fail to carry out their duties, suffering will be shared by all,” he added. Furthermore, SBY advised leaders not to panic, be hesitant, or unsure of what to do. According to him, all options must be pursued rationally and realistically, and be achievable. In addition, leaders must also protect their people who are unable to fend for themselves. “Therefore, on the one hand, maintain economic growth, prevent too many layoffs, maintain price stability, but do not forget the social safety net. Protecting the weak, protecting our brothers and sisters,” he said.