Indonesia’s Way To The Next Level

Indonesia’s Ministry of Finance has posted on their website an article around a keynote speech given by Suahasil Nazara, the Deputy Minister of Finance (Wamenkeu) at the recent OCBC NISP Business Forum, where he stated that Indonesia’s economic growth outlook still looks very strong for 2023.

In terms of economic growth in 2022, Indonesia was able to record impressive economic growth with an achievement of 5.3-percent, and with a controlled inflation rate. In addition, the PMI Index has also recorded a consistent expansive value over the last 18-months. The consumer confidence index also remained at an expansive level, and sales of motor vehicles, especially motorcycles, also showed high growth.

“These are signs from the real sector that we hope will later become strong foundations for Indonesia’s economic fundamentals going forward,” said Nazara, who added that Indonesia’s banking sector was also relatively strong. The credit growth rate in Indonesia continues to grow, and Indonesia’s Capital Adequacy Ratio (CAR) is at a fairly high level. The Deputy Minister of Finance said that Indonesia’s CAR was relatively strong when compared to several other countries.

In 2023, the government hopes that Indonesia’s economic growth will still be at the level of 5.0 to 5.3-percent. It is hoped that this will continue to provide impetus to the growing Indonesian economy.

In an effort to maintain all of Indonesia’s very positive economic foundations and fundamentals, the Deputy Minister of Finance emphasized that the State Budget as a fiscal instrument will continue to be used as a tool to guard against, and be prepared for, global turmoil which is still full of current uncertainties.

“The topic this morning is ‘Indonesia to the next level.’ I think this is a very good topic. And I want to share 1-2 points of our understanding regarding ‘to the next level.’ I believe that the Indonesian economy will have new sources of growth to take Indonesia to the next level,” Nazara explained, adding the sources of Indonesia’s new economic growth include:

down-streaming Indonesia’s natural resources;

the use of domestic products in APBN spending;

the development of MSMEs so that MSMEs can level up and even be able to export;

the development of the digital economy;

and the transition towards a green economy.

“Of course we want economic conditions to continue to improve, but in the midst of global turbulence, which as we have read continuously in the last few weeks, I would like to entrust the entire business world and the entire financial sector to see in detail our respective preparedness. This is very important because we believe that preparedness is the foundation of the business world economy of each of you and the foundation of the Indonesian economy to the next level,” concluded the Deputy Minister of Finance.

Source: Website of Indonesia’s Ministry of Finance

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