Category Archives: Development

Global economic growth to reach 2.8 percent in 2024

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Bank of Indonesia (BI) has projected global economic growth to reach 2.8 percent in 2024, according to the central bank’ s governor, Perry Warjiyo, at a hearing between lawmakers and Finance Minister Sri Mulyani here Monday. “We predict that this year, the global economic growth can reach 2.7 percent and increase to 2.8 percent in 2024. This global economic improvement is boosted, particularly by the economic growth of developing countries, which is predicted to be better,” he stated. Amid the global turmoil, the global economy is forecast to still grow, aided by growth from developing countries, such as India and the ASEAN-5,  BI … Continue reading →

In the Last Three Years, Indonesia’s Trade Balance Surplus Consecutively

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In the last three years, Indonesia’s trade balance has recorded an ever-increasing surplus. This shows that there is good trade performance for the country’s economy. Referring to data recently published by the Central Statistics Agency (BPS), Indonesia’s trade balance surplus in April 2023 increased from US$2.83 billion in March 2023 to US$3.94 billion. “Indonesia’s trade balance until April 2023 has experienced a surplus for 36 consecutive months since May 2020,” said BPS Deputy for Methodology and Statistical Information Imam Machdi in a press conference, Monday, quoted from Merdeka.com . The main thing that has increased the trade balance in April 2023 is the … Continue reading →

Indonesian Finance Minister receives US-ASEAN Business Council’s visit

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Indonesian Finance Minister Sri Mulyani Indrawati received a visit from President and CEO of the US-ASEAN Business Council (US-ABC) Ambassador Ted Osius in Jakarta on Wednesday (May 24, 2023). “On the occasion, I heard out various aspirations they conveyed,” Minister Indrawati said in an official statement issued in Jakarta on Thursday. During the meeting, the minister also received a number of suggestions on topics ranging from the taxation policy, digital transactions, industry development, and investments in renewable energy, health, and education sectors. The minister and council members also discussed the focuses of Indonesia’s G20 presidency last year and its ASEAN (Association of Southeast … Continue reading →

New Capital Authority to Develop One-Stop-Shop for Investors

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President Joko Widodo has directed that an integrated one-stop-shop system be developed to support investors participating in Nusantara city’s development, according to the Nusantara Capital Authority (OIKN). OIKN Head Bambang Susantono said the one-stop-shop system must be developed to accelerate the processing of permits for the new capital’s development and to ensure that it is consistent with on-site conditions and prevailing laws. “It has been decided that (to address) investment issues, we have been asked to set up a one-stop shop system where other ministries and institutions will be included there,” Susantono informed at a press conference at the Presidential Palace Complex … Continue reading →

Even though the Global Economy is Slowing Down, Indonesia’s Economic Growth Remains Strong

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Indonesia’s economic growth remains strong amidst a global economic slowdown. In a press release from Bank Indonesia (BI), as referring to the Central Bureau of Statistics (BPS) data, Indonesia’s economic growth in the first quarter of 2023 was recorded at 5.03% (yoy), a slight increase compared to growth in the previous quarter of 5.01% (yoy). ). Looking ahead, economic growth in 2023 is expected to remain strong at the upper limit of the 4.5-5.3% range, driven by improving domestic demand and continued positive export performance. Economic growth that remained strong was supported by all components of GDP. Exports continued to grow high … Continue reading →

Indonesian Finance Minister and South Korean Minister Discuss Economic Developments

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Jakarta (ANTARA) – Finance Minister Sri Mulyani Indrawati met with Deputy Prime Minister and Economy and Finance Minister of the Republic of Korea, Choo Kyung-ho, in South Korea to discuss recent economic developments in the two countries. The meeting took place on May 3, 2023. “We agree that the two countries can work together in building stronger bilateral trade and investment activities to support the economic recovery of each country,” Indrawati said in a post on her official Instagram account @smindrawati on Thursday (May 4). During the meeting, she also sought South Korea’s views on Indonesia’s chairmanship of the 2023 ASEAN in … Continue reading →

3 Days in Germany, RI Pocketed 27 Business Deals Worth Nearly IDR 28 Trillion

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After visiting Germany for three days, Indonesian President Joko Widodo (Jokowi) managed to secure 27 business deals with an investment value of US$1.98 billion or Rp.27.9 trillion. This good news was stated directly by the Coordinating Minister for the Economy Airlangga Hartarto when opening the Indonesian Pavilion at Hannover Messe. Of the total cooperation that was successfully bagged, 1 of them was in the form of intergovernmental agreements (Government to Government/G2G), 4 agreements between the government and business actors (G2B), while 22 others were agreements between companies (B2B). According to Airlangga, this cooperation can absorb up to 18,000 workers. In this biggest … Continue reading →

Foreign Capital of IDR 4.23 Trillion Enters Indonesia in the First Week of April

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Bank Indonesia (BI) reported that non-resident foreign capital inflows into the domestic financial market amounted to IDR 4.23 trillion, according to transaction data April 3-5 2023. Erwin Haryono, as the Executive Director of the BI Communication Department explained, the nominal was obtained based on the accumulation of sales of Government Securities (SBN) worth Rp. 2.13 trillion plus a net purchase of Rp. 2.10 trillion on the stock market. “During 2023, based on settlement data up to April 5, 2023, non-residents bought IDR 59.00 trillion net on the SBN market and IDR 4.65 trillion net bought on the stock market,” said Erwin in … Continue reading →

Digital economy expected to continue to improve: Minister Hartarto

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Jakarta (ANTARA) – Indonesia’s digital economy is projected to continue to grow due to the high Internet penetration rate of around 78 percent and the country’s large population, according to Coordinating Minister for Economic Affairs, Airlangga Hartarto. “In 2022, 40 percent of the world’s total digital transactions were made from Indonesia, namely US$77 billion. With the majority of the population entering the productive age, Indonesia’s digital economy will continue to grow,” he said on Wednesday. Hartarto made the statement virtually at the launch of the East Ventures Digital Competitiveness Index (EV-DCI) 2023: Digital Justice for All Indonesian People report in Jakarta. According … Continue reading →

Indonesia’s Manufacturing Sector Continues to Expand, Industry Players Optimistic

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The performance of the non-oil and gas processing industry sector in Indonesia was still maintained stably in the middle of the first quarter of this year. The news provides optimism and motivation to achieve better results in the future. Sourced from Indonesia.go.id, in the S&P Global report in early March 2023, they released the Indonesian Manufacturing Purchasing Managers’ Index (PMI). The report shows that Indonesia’s Manufacturing PMI remains at 51.2, indicating expansion in February. Indonesia’s manufacturing PMI results in the second month of this year also show that Indonesia’s manufacturing sector remains strong and has been able to sustain its 18th consecutive … Continue reading →