Full Of Uncertainty, These Are 5 Challenges In The Financial Services Sector In 2023

Illustration of Rupiah (Photo: Doc. Antara)

JAKARTA - The financial services sector in Indonesia will face several challenges in 2023. These things may be discussed at the Annual Meeting of the Financial Services Industry (PTIJK) organized by the Financial Services Authority (OJK) on Monday, February 6.

Segara Research Institute Executive Director Piter Abdullah Redjalam said there are several challenges that will be experienced by Indonesia. He also explained that there were about 5 challenges.

First, 2023 is believed to be a gloomy year, although developments at the end of 2022 show little signs as encouraging as inflationary pressures globally eased, the year 2023 remains filled with high uncertainty.

Various domestic and international financial institutions project global economic growth this year will not be more than 3 percent.

Second, the momentum for the end of the pandemic should ideally be utilized to encourage maximum economic growth. Unfortunately, the declining global economic condition has made efforts to encourage economic growth difficult.

"This is the economic challenge in 2023: 'Maximizing economic growth amid the sluggish economy," Piter said in a statement, Sunday, February 5, 2023.

Furthermore, when the global economy is in a declining trend, economic growth will certainly rely more on the domestic economy. When the global supply chain is disrupted, it is hoped that it will switch to domestic supply chain development.

When many large companies are helpless in the midst of the global impact, MSMEs are again a place to turn away. "Professional supply chain development and siding with MSMEs can be an alternative strategy to continue to spur economic growth in the midst of the sluggish global economy," he said.

The fourth challenge is the support of the financial sector for alternative strategies above (domestic supply chain development) and the empowerment of MSMEs is needed. The Financial Services Industry must continue to prioritize caution, but to take advantage of the momentum of economic recovery, breakthroughs are also needed.

"Regarding this, the innovative policy of OJK which is countercyclical is highly expected," he said.

Finally, the OJK has shown its ability to issue policies that are quite supportive to the economy during the pandemic. "It's not too much if we again hope that the OJK will also be able to issue breakthrough policies that will maximize post-pandemic economic growth," he added.