National Dialogue on Indonesia’s Economic Outlook, Tuesday, 22 December 2020, from the Merdeka Palace, DKI Jakarta Province

Bismillahirrahmanirrahim,

Assamu’alaikum warahmatullahi wabarakatuh,

Peace and prosperity be upon us,

Om Swastiastu,

Namo Buddhaya,

Greetings of Virtue.

Distinguished Heads of State Institutions,

Distinguished Ministers of the Indonesia Onward Cabinet,

Distinguished Governor of central bank Bank Indonesia (BI) and the Board of Governors of BI,

Distinguished Chairperson of the Board of Commissioners of the Financial Services. Authority (OJK) and members of the Board of Commissioners of the OJK,

Distinguished Governors, Regents and Mayors,

Ladies and gentlemen,

Esteemed guests.

We all agree that 2020 has been a difficult year, no easy year due to the COVID-19 pandemic.

In 2020, our economy can still grow by 2.97 percent in the first quarter. However, in the second quarter, it saw a deep contraction due to the COVID-19 to minus 5.32 percent. Then, in the third quarter, our economy rebounded although it was still at minus 3.49 percent.

Consistently, economic recovery policies we have implemented are starting to show positive outcomes. With this improvement trend, we hope our future economic condition will improve.

We will continue the policies that have been running well in 2020 for next year. We will continue to do so, especially in the health sector to handle COVID-19 and also to provide social protection assistance to the people. And most importantly, the Government will immediately provide free vaccines to all Indonesians starting early next year. With this vaccination program, we hope public trust in handling COVID-19 will be stronger and create a sense of security in the communities so economic recovery is expected to run more quickly and consumption will increase and return to normal/ Investment is also expected to increase due to the issuance of the Job Creation Law.

At the end of 2020, the recovery in export has also begun to improve. And, certainly, this trend is expected to persist and increase next year. What’s more, we also once again obtain the GSP (Generalized System of Preferences) from the United States and this will boost our export performance.

In early 2021, we will also launch a SWF (Sovereign Wealth Fund) called INA (Indonesia Investment Authority), which constitutes a new source of development financing that is not loan-based, but in the form of equity participation. And this will nourish our economy and rejuvenate our SOEs, especially in infrastructure and energy sectors. Several countries have expressed their interests, including the United States, Japan, the United Arab Emirates, Saudi Arabia, and Canada.

And in a pandemic situation like this, all of us must be able to move quickly, be able to strengthen cooperation and synergy. I am upbeat that we will rebound and our economy will return to normal.

By saying bismillahirrahmanirrahim, I declare the National Dialogue on Indonesia’s Economic Outlook with the theme “Grasping Economic Recovery Opportunities in 2021” officially open.

I thank you.

Wassalamu’alaikum warahmatullahi wabarakatuh,

Om Santi Santi Santi Om. (MUR/MES)