If a World Bank scenario of a global recession in 2023 proves right, pressure is set to mount on export-oriented Indonesian businesses.

Scholz, accompanied by a sizeable industry delegation, flew in to Jeddah on the Red Sea where he met with Crown Prince Mohammad bin Salman, de facto ruler of the country.

With their government currently chairing the Group of 20 forum, Indonesian ministers are putting a brave face over the state of global affairs just weeks before a major summit in Bali will test countries’ willingness to bridge geopolitical differences.

State-owned Indonesia Battery Corporation (IBC) is considering acquisitions of mines abroad to buttress its supply chains as global uncertainty spotlights the importance of access to raw materials.

The airline industry's record-breaking scramble to convert older passenger jets to freighters during the travel-starved years of the coronavirus pandemic threatens to bring a glut of cargo space as a dimming global economic picture hits demand.

The report by the European Union's Chamber of Commerce in China marks the latest statement by the foreign business community that Beijing's hardline virus curbs are harming the world's second-largest economy and isolating it on the international stage.

"We think it is feasible by mid-2024" to conclude a comprehensive economic partnership agreement, Valdis Dombrovskis told reporters in Jakarta. 

A top European industry group warned on Wednesday that firms were losing confidence in China and that its standing as an investment destination was being eroded, citing its "inflexible and inconsistently implemented" COVID policy as a key factor.

The last time such figures were seen, prices had been artificially bolstered by an increase in VAT. Excluding years when tax hikes impacted the rate, August's inflation was the fastest pace in nearly 31 years.

Kertajati International Airport, also known as West Java International Airport (BIJB), is set to serve domestic passenger flights starting November or December this year, in a possible revival of the facility after more than a couple of years left dormant.

After months of pursuing various ways to tame inflation, the central government is calling on the regions to do their bit to alleviate rising pressure on consumer prices – and promises prizes for the top performers.

China's factory output and retail sales beat expectations in August despite the economy being hammered by COVD-related curbs, heatwaves and a deepening property market slump, as the world's second-largest economy saw a bounce in business activity.

The apparent contradiction between the real economy and financial markets has puzzled some commentators but is normal around a peak in the business cycle.

Indonesia’s imports and exports reached all-time highs in August as an unprecedented volume of commodity sales cast hope on a nation battling rising fuel prices.

The growing cooperation, to be further deepened with Chinese President Xi Jinping's meeting with Russia's Vladimir Putin in Uzbekistan on Thursday, is a boon for both countries. 

The US-led Indo-Pacific Economic Framework is expected to have a significant impact on the fast-growing region as it will re-establish the United States as an economic and geostrategic leader after its pullback from the Trans-Pacific Partnership trade deal under former President Donald Trump.

Factories across the country are going through a tumultuous time as high energy costs force them to pass some of the pain through to their customers.

India's restrictions on rice exports have paralyzed trading in Asia, with buyers scouring for alternative supplies from Vietnam, Thailand and Myanmar where seller are holding off on deals as prices rise, industry officials said.

"We always monitor all of the options. If there is the country (and) they give a better price, of course," Jokowi said in an interview with the Financial Times when he was asked whether Indonesia would buy oil from Russia.

At the first ministerial for the Indo-Pacific Economic Prosperity Framework (IPEF), officials sketched the basis for common standards on key pillars, which also include green energy and the fight against corruption, in 14 countries accounting for 40 percent of the global economy.

The 14 member states of the Indo-Pacific Economic Framework will engage in rule-setting talks to create economic opportunity, improve labor conditions and promote sustainability in the region, Japanese trade minister Yasutoshi Nishimura said after a two-day IPEF meeting in Los Angeles.

The consumer confidence index rose in August, ending a two-month decline, but experts have expressed doubt that it marks a turnaround.

MSMEs that have gone online are able to earn 1.1 times more revenue compared with those that only have an offline presence. 

Earlier this week, Coordinating Economic Minister Airlangga Hartarto flew to Los Angeles to join with fellow economic ministers from 13 Indo-Pacific countries to start negotiations on the Indo-Pacific Economic Framework, Washington's first major pan-Asian trade engagement effort in nearly a decade.

Digital banks in Asia-Pacific (APAC), including Indonesia, will face difficulties in achieving financial viability amid monetary tightening across the region, a report from Fitch Ratings says.

Indonesia's inflation is predicted to hit a rate of 6.6 percent-6.8 percent for 2022, compared with the August rate of 4.69 percent, which was already near a seven-year high and above BI's target.

The Indo-Pacific Economic Framework talks in Los Angeles will seek to define a sweeping platform for market-driven economies to engage on trade and data flows, environmental and labor standards, supply chains and anti-corruption efforts.

Palm oil output in Malaysia, the world's second-largest producer, is forecast to decline, or at best remain unchanged, from last year's 18.1 million tonnes, according to planters and analysts. 

Under pressure to control a swelling energy subsidy budget Jokowi hiked subsidised fuel prices by 30 percent  on Saturday, sparking protests across the nation of 270 million people.

At the end of August, Indonesia’s foreign exchange reserves, despite remaining stagnant from the previous month at US$132.2 billion, were deemed sufficient to support the country’s economic prospects for the rest of this year.