Perry Warjiyo: Indonesia's Economy In The Last 10 Years Is One Of The Best In The World
JAKARTA - Chairman of the Indonesian Economic Bachelors Association (ISEI) who is also the Governor of Bank Indonesia (BI) Perry Warjiyo stated that the Indonesian economy in the last 10 years has been one of the best in the world.
"If we look at the Indonesian economy in the last 10 years, our average growth is above 5 percent. This is one of the best in the world," Perry said at the 2024 ISEI XXII Congress in Surakarta, Central Java, quoted from Antara, Friday, September 19.
Although it was corrected in 2020 and 2021 due to the COVID-19 pandemic, Indonesia was able to maintain growth in the range of 5.0-5.3 percent in other years.
Even though it is negative, it is the lowest in the world. We are also recovering quickly. This year, God willing, it can be 5.1 percent and next year 5.2 percent," he added.
In addition to economic growth, Indonesia's inflation is also well maintained. According to him, before 2013 Indonesia had scored an inflation rate of up to 10 percent. However, in the last 10 years, inflation has been lowered to the level of 2-5 percent.
"Inflation is very important to keep low, because the welfare of the people there," he said.
The current account deficit also shows positive movement. Although it often has a deficit, the current transaction had experienced a surplus in 2021 and 2022. Perry said it was influenced by downstreaming and increased export performance.
The fiscal deficit also shows good performance. The deficit in the State Revenue and Expenditure Budget (APBN) has reached 6.1 percent in 2020 due to COVID-19. However, Indonesia managed to reduce its figure to below 3 percent in 2022, showing effective fiscal consolidation.
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"Indonesia is one of the best examples of how monetary coordination, fiscal, and macroeconomic stability are the basis for growth," said Perry.
On the other hand, the unemployment rate was also successfully reduced from 5.8 percent to 5.3 percent. The poverty rate, which had touched 11 percent, was also able to be lowered to the level of 9.4 percent.
"This means that not only macro stability, but social protection and justice also continue to be carried out properly," he said.