Indonesia Excluded One-third of Recession Countries, said Sri Mulyani

VIVA – The Minister of Finance, Sri Mulyani Indrawati, said Indonesia will be excluded from the 2023 recession. According to the latest data in the third quarter of 2022, the Indonesian economy was able to grow 5,72 percent. Nevertheless, the Minister also mentioned that 2023 would be an interesting and challenging year after 2022.

"This year, we have a political agenda in the country leading up to the elections so the temperature will warm up a little, and also the challenges from the global economy are also extraordinary," Sri Mulyani said in Apresiasi Media Nagara Dana Rakca 2022 event on Friday, January 6, 2023.

She said the International Monetary Fund (IMF) had just projected that a third of the world economy would experience a recession this year.

"We did not enter the third, Insya Allah, we will continue to maintain it. We always say that our economic recovery is strong until the third quarter. May be even in the fourth quarter, we hope to stay around 5 percent," Minister Sri Mulyani stated.

Thus, Sri Mulyani estimates that national economic growth throughout 2022 will grow above five percent. Previously, the International Monetary Fund (IMF) warned that a third of the global economy would be in recession this year.

IMF boss, Kristalina Georgieva said that 2023 will be more difficult than last year as the United States, EU, and China see their economies slowing down. It was due to the war in Ukraine, rising prices, higher interest rates, and the spread of Covid-19 in China, which weighed on the global economy.

In October, the IMF cut its global economic growth outlook for 2023. "We expect a third of the world economy to go into recession. Even countries that are not in recession, it will feel like a recession for hundreds of millions of people," Kristalina Georgieva remarked.