Good News From Minister Of Finance Sri Mulyani! Indonesia's Economy Returns To Pre-Covid-19 Pandemic Levels

Press statement at the plenary cabinet meeting regarding the Financial Note and the 2023 State Budget Plan. (Photo: Antara Doc/Setpres Press Bureau)

JAKARTA - Minister of Finance Sri Mulyani Indrawati stated that the Indonesian economy had returned to the level before the Covid-19 pandemic spread or pre-Covid. The latest data from the Central Statistics Agency (BPS) states that the Indonesian economy based on GDP in the second quarter of 2022 reached IDR 4,919.9 trillion or grew by 5.44 percent compared to the same period last year.

"The Indonesian economy has reached a pre-Covid level calculated in terms of GDP, both in 2021 and 2022. Meanwhile, in terms of the APBN deficit, it is relatively moderate," Sri Mulyani said in a press statement after the plenary cabinet meeting on the Financial Note and the 2023 State Budget Plan. led by President Joko Widodo, quoted by Antara, Monday, August 8.

Meanwhile, BPS noted that Indonesia's economy in 2021 based on GDP reached Rp. 16,970.8 or grew by 3.69 percent, with details of GDP per capita of Rp. 62.2 million or US$ 4,349.5.

The Minister of Finance (Menkeu) admitted that the 5.44 percent economic growth in the second quarter of 2022 was an impressive achievement that exceeded the government's optimistic forecast.

"As seen yesterday, the economic growth in the second quarter reached 5.44 percent and this is an impressively high growth, because last year in the second quarter the growth was quite high at 7.1," he said.

"So the baseline was already high last year in the second quarter and this year it could be 5.44 percent. Even (that's) above our optimistic estimate of 5.2 percent, it turned out to be 5.44 percent," added the Minister of Finance.

The government, Sri Mulyani continued, will try to maintain the economy at a good level for the remainder of the second semester of 2022.

"The 2022 economy is already in a good position and must be maintained in the second semester," he said.

To support this, according to Sri Mulyani, domestic factors are needed considering the global environment is still full of uncertainty.

Sri Mulyani reminded the President's direction that all ministries and government agencies could realize government spending in 2022 by focusing on buying products that have high local content.

"This will be able to support a stronger economic recovery in the third and fourth quarters, at a time when the global environment is experiencing a turbulent trend," said Sri Mulyani.