JAKARTA - The chairman of the MPR RI Bambang Soesatyo revealed that the combined impact of the COVID-19 pandemic crisis and the Russo-Ukrainian war called the "Crisis Above Crisis" could result in a decline in Indonesia's economic growth to 4.6 percent in 2022. “In fact, in the worst case scenario, Indonesia's economic growth in 2022 could drop to 4.6 percent," said Bamsoet, Bambang Soesatyo's nickname, in a statement in Jakarta, Monday 18 April. the COVID-19 pandemic and the impact of the Russo-Ukrainian war. The IMF has dubbed it a 'Crisis upon Crisis.' "The war between Russia and Ukraine has had implications for commodity prices, trade and global financial markets. Various commodity prices related to household consumption and energy are getting out of control, causing inflation to go crazy," he said. East and Pacific, including Indonesia. On average there was a slowdown in economic growth due to various pressures, one of which was the impact of the Russo-Ukrainian war. Indonesia's economic growth, for example, is estimated at 5.1 percent in 2022, 0.1 points lower than the projection released in October 2021. However, in the worst case scenario, there could be a decline to 4.6 percent. Anticipating this, Bamsoet asked The Financial System Stability Committee (KSSK) consisting of the Ministry of Finance (Head of KSSK), Bank Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS) to improve coordination to anticipate 'Crisis Above Crisis'.
"All of the nation's energy must be channeled to recovery and strengthening the economy, both in the face of the COVID-19 pandemic that has not yet ended or the impact of the Russia-Ukraine war which has yet to be seen when it will end," said Bamsoet. monetary and financial systems are maintained, as well as credit and financing to businesses in priority sectors to support economic growth, exports, and economic and financial inclusion can continue to increase. More importantly, he said, supporting micro, small and medium enterprises (MSMEs) as the backbone of the national economy through increasing financial market deepening by encouraging digital-based alternative financing, including through BWM Digital, P2P Lending, and Securities Crowdfunding. the impact of the 'Crisis upon Crisis'.“Government Indonesia must be able to submit a comprehensive proposal to prevent and overcome the various damages caused by the 'Crisis Above Crisis', said Bamsoet.
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