Impresive Economic Performance, Jokowi Pede Sambut 39 State Guests At The G20 Summit

President Joko Widodo (center) when he received the G20 leadership relay from Italy last year (Photo: Cabinet Secretariat)

JAKARTA The government may be a little proud of the achievement of the latest macroeconomic indicators that show satisfactory results. Earlier this week the Central Statistics Agency (BPS) released information on Indonesia's economic growth to be able to penetrate the figure of 5.72 percent year on year (yoy) in the third quarter of 2022.

This score became the highest during the year after previously growing 5.01 percent and the second quarter 5.4 percent. Just so you know, the latest achievements achieved continued the consistency of economic growth above 5 percent in the fourth quarter in a row.

This result clearly surpassed a number of G20 giant countries, such as China which was only able to grow 3.9 percent, the United States 1.8 percent and the European Union region with 2.4 percent.

The strong structure of Indonesia's gross domestic product (GDP) cannot be separated from the performance of foreign trade which still records a surplus. Until last September, the value of the trade balance surplus managed to touch 4.99 billion US dollars. This condition extends the record surplus that has been going on since May 2020.

In terms of inflation, Indonesia is classified as successful in controlling with the latest data in October 2022, which is 5.71 percent yoy. This level is claimed by Bank Indonesia to be far below the previous expectations of 6.1 percent.

One thing that is interesting is that the significant impact of rising fuel oil prices (BBM) turned out to only occur in the September period which made inflation soar to 5.9 percent. The situation began to be neutralized quickly in October with indications of slowing down inflation.

By comparison, several G20 countries have even experienced greater inflation, such as the US 8.2 percent, Turkey 83.5 percent, England 8.8 percent, and Germany 9.0 percent.

Turning to fiscal, the government through the Ministry of Finance (Kemenkeu) stated that until the third trimester of 2022 the APBN posture still shows brilliant performance with a surplus of IDR 60.9 trillion.

This result was obtained after the realization of state revenue which was higher at IDR 1,974.7 trillion compared to the expenditure sector which amounted to IDR 1,913.9 trillion.

Minister of Finance (Menkeu) Sri Mulyani said that the moncer of the state budget before the end of the year could not be separated from two main factors. First, windfall revenue in terms of commodities with soaring price strengthening.

Second, the national economic recovery continues to strengthen. This indication can be seen from the soaring tax revenues and PNBP, which grew 49 percent and 34 percent, respectively. This spike can mean that productive activities and the business world in Indonesia are getting faster.

For this achievement, President Jokowi should be able to be more confident in welcoming 39 state guests at the G20 Summit consisting of 20 member countries, nine invited countries, and 10 world institutions.

"Our economy is impressed and has good performance in leading the G20 so that Indonesia's position is increasingly being taken into account," said Coordinating Minister for the Economy Airlangga Hartarto earlier this week.