Indonesia's Economy is Resilient, Here's the Proof!

Jakarta: Deputy Minister of Finance Suahasil Nazara said that the Indonesian economy is resilient amidst a slowing global economy with dynamics that are still very high.
 
This can be seen from the Indonesian economy in the first quarter of 2023 which grew by 5.03 percent (year on year/yoy).
 
"For the past three years, our trade balance has continued to be in surplus. Our exports look good and growth is good. Inflation is good and relieved. Even the inflation figures released yesterday not only maintained headline inflation, but core inflation has also moderated," said Suahasil, quoted from the Ministry of Finance's website, Tuesday, July 11, 2023.

Indonesia's inflation was recorded at 3.5 percent on an annual basis (yoy) in June 2023, down compared to the previous month which was at the level of four percent (yoy).
 
Meanwhile, core inflation or core inflation in June 2023 was 2.58 percent (yoy), lower than inflation in the previous month which was 2.66 percent (yoy).
 
On the other hand, Indonesia's Manufacturing Purchasing Managers' Index (PMI) for June 2023 is at an expansive level of 52.5.
 
"Our manufacturing PMI is increasing, expansive," he said.
 
The government encourages people to be more consumptive. Furthermore, he explained that the structure of Indonesia's economy, seen from the Gross Domestic Product (GDP), is mostly driven by public consumption, which continues to be positive.
 
For this reason, he encourages people to consume quality products using domestic products.
 
"We want people to consume domestic goods. So that their domestic production will increase, create a stronger domestic multiplier. This is domestic consumption, domestic production is the key," he said.
 
According to him, domestic downstreaming is a way to create greater added value so that it can create a multiplier effect and higher income for the community.
 
"We see that the domestic process is sufficient for economic resilience with the hope that in the end our economic growth will be around five percent more. This is what we have to maintain throughout the year until the end of the year," he explained.
 
For this reason, the APBN will continue to be the main instrument for protecting the public through optimizing state spending with good governance.
 
He also said that all APBN spending was managed properly, starting from how to do the budgeting, how to do the spending, to how to realize it with standards.
 
"There are governance standards and there are KPI (Key Performance Indicators) for performance. So the output of state spending must be measurable. We want to ensure that all governance, budgeting, governance of spending itself, governance of audits, inspections, and supervision goes well," he said.
 
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