Indonesia’s Economy Maintained Amid Global Uncertainties

President Prabowo Subianto leads a Plenary Cabinet Meeting, at the State Palace, Jakarta, on Friday (03/13).

President Prabowo Subianto Friday (03/13) led a Plenary Cabinet Meeting on the development of national economy, at the State Palace, Jakarta.

On that occasion, Minister of Finance Purbaya Yudhi Sadewa reported to the President that the national economy is resilient against global uncertainty and volatility, as several indicators show that Indonesia’s economy remains strong, both from the production and consumption aspects.

“From the supply side, our economy is in very good condition. Our Purchasing Managers’ Index reached 53.8 in February, the highest level in several years. This shows a strong improvement in the manufacturing sector,” he said adding that the foundations of the national economy are sound and show signs of accelerating growth.

He added that inflation rate is still under control considering that the current rate is influenced by technical factors related to electricity subsidies in the previous period.

“Excluding the electricity subsidy data from January and February of last year, our inflation rate stands at just 2.59 percent,” he said, affirming his optimism about the improving national economy.

“The general conditions are still being assessed, based on the Consumer Confidence Survey. Meanwhile, people’s purchasing power is improving. Supply and demand are relatively balanced until February. I’m confident that this situation will keep improving,” he added.

Regarding global volatility contributed by the current economic dynamics, the Minister said that Indonesia’s economic resilience is maintained by strengthening fiscal and monetary policy coordination.

With strong foundation and coordinated policies, the Government is confident that Indonesia is capable of facing global challenges and maintaining stability and sustainability of the national economic growth. (BPMI of Presidential Secretariat) (RAS/TM)