Jakarta – While Indonesia is currently witnessing economic growth, the world may be edging toward a global recession and a string of financial crises. Thus, the government must not be caught off guard, warned Deputy Chief of Staff for Economy at the Executive Office of the President Edy Priyono. Without any preparation, the risk of global recession can hinder domestic economic growth.
“We must be grateful that our economy has shown consistent growth, even in this third quarter. However, shall we not forget that despite this achievement, a huge potential global recession should be kept an eye on,” said Edy, at the Bina Graha building, Jakarta, Tuesday (8/11).
Edy ensured that the authorities would continue to work hard to maintain the economic growth. He went on to say that the government would further implement inflation control policies, increase investment value, and encourage export growth.
“The government will disburse various incentives and social assistance to help the industry and the people who need it,” said Edy.
Recently, the Central Statistics Agency (BPS) noted that amid global economic congestion and rising domestic inflation, Indonesia’s economy in Quarter III-2022 grew rapidly to 5.72 percent. The number increased from 5.45 percent in Quarter II. This figure exceeds the economic growth of other countries, such as China (3.9 percent), the United States (1.8 percent), Germany (1.2 percent), the European Union (2.1 percent), and South Korea (3.1 percent).
Edy said that Indonesia’s economic growth was supported by strong domestic demand, as well as high investment and export performance. Report said that household consumption grew 5.39 percent (year on year), investment 4.96 percent, and exports grew 21.64 percent.
“Export growth is supported by strong demand from major trading partners and policies to accelerate palm oil exports. For investment, growth occurs in non-building investment,” he added.
Furthermore, the national economic growth was boosted by the regional economic surplus with the highest record came from Sulawesi-Maluku-Papua (Sulampua) region, followed by Bali-Nusa Tenggara (Balinusra), Java, Kalimantan and Sumatra.
