Airlangga: Indonesia's Manufacturing Is Still Expansive Amid A Global Slowdown

ILLUSTRATION OF PHOTOS/ANTARA PHOTOS/YULIUS SATRIA WIJAYA)

JAKARTA - Coordinating Minister for Economic Affairs Airlangga Hartarto said that the Indonesian manufacturing sector still tends to be at an expansive level amid the slowdown in global manufacturing activities.

"Indonesia's manufacturing PMI is still above 52.9, meaning we are still better than other countries, such as China (51.4) and Malaysia (49.0)," Airlangga said at the Economic Seminar at the Kolese Kanisius School, Jakarta, as reported by ANTARA, Saturday, May 11.

Along with that, he continued, Indonesia's economic growth was also still at the level of 5.11 percentyear on year (yoy) in the first quarter of 2024, or higher than the previous quarter which was at the level of 5.03 percent (yoy).

"A magnitude of 5.11 percent (yoy) is the highest, because first we have Eid, secondly we have an Election (General Election). So, after all, the election will increase domestic consumption," said Airlangga.

In terms of employment, the number of working population increased by 3.5 million people to 142.18 million people, while the number of unemployed decreased by almost 800 thousand people compared to the end of 2023 to 7.2 million people.

"Formal workers (presentases) are at 40.8 percent, or higher than February 2023," said Airlangga.

Coordinating Minister Airlangga said the geopolitical situation at the global level was still showing an unfavorable trend to date.

"The politics of the Ukraine war is not over, while we see in the Middle East Hamas-Israel, plus the fighting between Iran and Israel," said Airlangga.

In addition, according to him, the condition of economic growth in Europe also tends to be low amid the transition period after the COVID-19 pandemic.

"France will soon be in the general election, possibly also right. Germany is also not doing well in the economy, this is what we must be aware of," said Airlangga.