President Jokowi Tells OJK to Continue Maintaining Economic Growth in 2023

President Jokowi meets the Board of Commissioners of the Financial Services Authority (OJK) and representatives of financial services association and industry leaders at Merdeka Palace in Jakarta, Monday (01/16). (Photo by: BPMI of Presidential Secretariat/Lukas)

President Joko “Jokowi” Widodo has urged the Financial Services Authority (OJK) and actors in the financial services sectors to continue maintaining the robust economic growth in 2022 despite challenges posed by the global economic condition.

The President made the statement during a meeting with OJK Board of Commissioners and representatives of financial services association and industry leaders at Merdeka Palace in Jakarta, Monday (16/01).

Head of the OJK Board of Commissioners Mahendra Siregar pointed out that during the meeting, his board reported the preparation for the financial services industry annual meeting set to be held at the beginning of next month and discussed the development and performance of the financial services sector.

“We and the leaders of financial services industry associations conveyed future plans, prospects, and challenges that need to be anticipated, mitigated, and handled as best as possible,” he said.

“We certainly must mitigate the impacts of the condition and as we welcome the general election and presidential election preparatory stage. We must also maintain the performance, condition, and growth of the financial services sector in supporting and strengthening national economic growth,” he added.

According to Mahendra, the President underscored that with the toughest challenges faced during the pandemic, there is no excuse to not be optimistic in facing 2023.

“[Economic growth in] 2023 will be at least as good—if not better—as 2022,” he said, adding that the OJK is set to create synergy, coordinate, cooperate, and make joint efforts with related government institutions, including Ministry of Finance’s Financial System Stability Committee (KSSK), central bank Bank Indonesia, and the Indonesia Deposit Insurance Corporation (LPS).

In the meantime, Head of State-owned Banks Association (Himbara) Sunarso on behalf of the banking industry stated that the association will support the Government’s measures in industry downstreaming.

“Downstreaming is a point of no return. The President underscored that downstreaming cannot stop and we cannot back away from it so the banking industry is committed to supporting downstreaming process so that the Indonesian people can enjoy the added value from the process,” he said.

Echoing a similar sentiment, President Director of the Indonesia Stock Exchange (IDX) Iman Rachman on behalf of the stock market sector reported that the Indonesian stock market closed 2022 on a high note with the IDX composite growing by 4 percent at the end of the year, daily trade reaching Rp15 trillion on average, the number of investors rising to more than 10.3 million, and the number of issuers increasing to 833 companies. (FID/TGH/UN) (DH/EP)