Jakarta: Indonesian President Joko Widodo (Jokowi) affirmed that the global economic recession is expected to start early in 2023 while urging all government ranks to not work as usual and to always have a sense of crisis.
"We cannot do normal jobs under abnormal circumstances. Next year, 2023, will be much more difficult for all countries, and global recession is expected at the beginning of next year," the head of state noted at a national coordination meeting on investment here on Wednesday.
The president appealed to all government ranks to exercise caution in formulating policies since wrong policies will have a fatal impact. They must apply the principles of prudence to issue fiscal and monetary policies in order to mitigate the impact of the global economic crisis on the domestic economy.
"I always warn of this since the condition is abnormal," he remarked.
All governmental elements should realize that the current situation is not easy, with not only Indonesia but also developed countries facing difficult times, he said.
The difficult global economic situation results from the threat of high inflation, economic slowdown, and the energy and food crisis due to the disruption of fertilizer stocks, he remarked.
In addition, a financial crisis is haunting all countries due to the threat of capital reversal, he pointed out.
"Therefore, to navigate the very difficult situation, all must exercise caution in making policies," he remarked.
The Indonesian economy still performed well until the third quarter of this year. According to the recent announcement by Statistics Indonesia (BPS), the Indonesian economy grew 5.72 percent year-on-year in the third quarter of 2022.
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