Jakarta: Indonesian President Joko Widodo (Jokowi) revealed that Indonesian economy is currently in a much better condition. In 2014-2015, the country's economy was categorized as vulnerable.
"There was a taper tantrum. In 2014, our current account deficit was USD 27.5 billion. Then in 2015 we also experienced a deficit of USD 17.5 billion. Our trade balance also recorded a deficit of USD 2.2 billion," President Jokowi said when attending the 2023 Indonesia Economic Outlook event in Jakarta on Wednesday, December 21, 2022.
This year, the current account balance up to the third quarter of 2022 experienced a surplus of USD 8.9 billion. Indonesia has also enjoyed a trade balance surplus for 31 months in a row.
The Head of State explained that all these positive results could be achieved because of structural reforms. For example, by increasing the ratio of ownership of government securities (SBN) by local investors.
Currently, foreign-controlled SBN is only 14.8 percent, down drastically from 38.5 percent in 2014. If SBN is still controlled by foreigners, Indonesian economy would be more vulnerable.
"The improvements are real and can be seen in the data. I always ask for data," explained the former mayor of Surakarta.
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