IMF: Indonesia Is A Bright Spot Amid Global Economic Gloom

The website of The President Of The Republic Of Indonesia has published a release saying that Indonesia should be grateful, because in the midst of the current crisis and recession that has hit the world, the Indonesian economy in the second quarter of 2022 was still able to grow well and was the highest among the G20 countries.

In fact, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, called Indonesia a “bright spot in the midst of the gloom of the world economy”.

This was conveyed by President Joko Widodo in his remarks when opening the 37th Trade Expo Indonesia (TEI) which was held at Nusantara Hall, Indonesia Convention Exhibition (ICE) BSD City, Tangerang Regency, Banten Province, on Wednesday, 19 October 2022.

“Last week, the Managing Director of the IMF said that Indonesia was a bright spot in the midst of the gloom of the world economy. It’s not us who are talking, (but) the IMF’s Crystallina Managing Director. A bright spot in the gloom of the world economy. It would be good if more people said that, so that global trust and trust in us will get better because we have to be careful,” said the President.

In a telephone conversation with the Managing Director of the IMF, the President also received news that currently there are 16-countries that have become “patients” of the IMF and 28-other countries are waiting in line at the IMF’s door. Therefore, the President invites all parties to be grateful for Indonesia’s economic achievements, which are still growing 5.44-percent in the second quarter of 2022.

“I still believe that in the third quarter we are still growing above 5, or above 5.4 (percent) because the figures we saw last month’s trade balance was still a surplus of 5.7 (percent), credit grew 10.7-percent, the Consumer Confidence Index is still at 124.7,” he said.

Although all indicators are in good condition, the Head of State reminded all parties to continue to work hard because this is the main key in facing difficult conditions like now. For that, the President encourages all parties to work not only macro and micro, but also details.

“The work now has to be more detailed, seen one by one, pursued, and completed. That is the work that the government is currently doing. We can no longer only work on macros,” he said.

Furthermore, the President said that detailed work was also needed to tackle inflation. In other countries inflation is only a matter for the central bank, but in Indonesia inflation must be resolved with the collaboration of many parties, including the monetary authorities, fiscal authorities, and local governments.

“A month ago, I ordered governors, regents and mayors to participate in using the APBD, closing the APBD for transportation costs from producers to markets, from producers to consumers. If both move together, the monetary authority moves, the fiscal authority moves, then the regions also move,” he explained.

“Ask later, ladies and gentlemen, to the governors, regents, and mayors what has been done to overcome inflation, and I’m checking one by one now and I’m announcing that the inflation rate for this province is still 8, the inflation is still 7, it’s 3, it’s 4, We are opening it now because the situation requires such works,” he said.

Source: The President Of The Republic Of Indonesia website, BPMI Setpres

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