Indonesian President Joko Widodo (Photo: Jakartaglobe.id) The President underlined Indonesia's resilience in the face of rising inflation and growing global recession risks.
The largest economy in Southeast Asia grew by 5.01 percent in the first quarter of this year as the country rebounded to its expansion pace before the COVID-19 pandemic.
The Central Statistics Agency (BPS) of Indonesia will announce the second quarter growth result on August 5.
Economic activities in the nation have returned to normal, with the number of COVID-19 cases easing. The middle class was spending again during the festive month of Ramadan and Idul Fitri, boosting households' consumption accounting for 53 percent of the country's gross domestic product (GDP).
Indonesia also saw a substantial inflow of foreign direct investment in the past few quarters. This is also a good signal as investment accounts for 30 percent of its GDP.
On top of that, the country has been posting trade surpluses for the 25th straight month, which Jokowi credited to his policy to push nickel and several other metals downstream industry.
In another development, Coordinating Minister for Economic Affairs Airlangga Hartarto stated that Indonesia's risk to experience a recession is relatively small compared to other countries.
Indonesia sees that its domestic situation is relatively good. Some countries have entered recession, but Indonesia has a very small potential for recession compared to other countries, which is only three percent, he said./.
VNA
