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View all search resultsRI heads toward ‘hard to measure’ economic conditions in 2023: Jokowi
Both the government and businesses expect difficult economic conditions in 2023, mainly as a result of the geopolitical tensions caused by the war in Ukraine, which will continue to create uncertainty.
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President Joko "Jokowi" Widodo gestures as he delivers his remarks during the annual meeting of Bank Indonesia with its financial stakeholders in Jakarta on Nov. 30, 2022.
(Reuters/Willy Kurniawan)
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oth the government and businesses expect difficult economic conditions in 2023, mainly as a result of the geopolitical tensions caused by the war in Ukraine, which will continue to create uncertainty.
In a forum held by the Coordinating Economic Ministry revolving around next year’s economic outlook, President Joko “Jokowi” Widodo acknowledged that the country was bracing for a situation that was “not easy”, “hard to predict” and “hard to measure”.
He underlined that traditional economic policies were no longer sufficient to deal with current global economic turmoil, as inflation around the world remained high, followed by subsequent high interest rates.
“Everything that has happened has not been in accordance with the set of knowledge that we possess,” President Jokowi told forum participants on Wednesday.
Speaking at the same event, Finance Minister Sri Mulyani highlighted that several factors had contributed to the persisting issues on the supply and demand sides, which are both crucial aspects to the growth of Indonesian enterprises.
On the supply side, the minister explained that economic sanction blowouts between Russia and the Western allies had disrupted the global supply of key commodities, causing oil, gas and food prices to rise above historical levels.
On the demand side, meanwhile, there had been a slight opportunity for recovery as the global pandemic threat had begun to dissipate while labor markets remained “unpredictable”, thus creating a “tight labor” situation in developed countries.
