Faisal Basri Calls Indonesia's Economic Recovery Slow And Lost To Singapore, US, And China: Data Shows We're The Worst

Indef's senior economist, Faisal Basri. (Photo: Doc. Kemenkominfo)

JAKARTA - Senior economist Faisal Basri assesses the speed of Indonesia's economic recovery is still relatively slow when compared to other countries, even though in the second quarter of 2021 Indonesia's economic growth was recorded at 7.07 percent compared to the same period the previous year.

"For example, when compared to Singapore, the speed of recovery is around 27 percent. Meanwhile, Indonesia's speed is only around 14 percent," he said in the online dialogue on Economic Growth in Quarter II 2021 in Jakarta, quoted from Antara, Saturday, August 7, 2020.

The speed of economic recovery, continued Faisal, is calculated by comparing the economic growth in the second quarter of 2021 with the second quarter of 2020. The reference is based on the fact that in the second quarter of 2020, almost all countries experienced a deep economic downturn or contraction.

"If I subtract the economic growth in the second quarter of 2021 from the second quarter of 2020, Indonesia is considered the slowest. The number one is Singapore, the second is the European Union, the third is the Philippines, the fourth is the US, the fifth is China, and the data has not yet been released," he said.

According to Faisal, Indonesia is only higher than Vietnam. However, the country cannot be compared because it has never experienced a recession during the COVID-19 pandemic.

Faisal said the July-August data also showed that Indonesia's economic recovery was still relatively slow. Based on Nikkei data, Indonesia is ranked 110th out of 120 rankings. Meanwhile, based on data from Bloomberg for 53 countries, Indonesia is at number 53. Based on data from the Economist Magazine, Indonesia ranks third from the bottom.

"July-August shows that Indonesia's recovery is classified as very or slowest, whether it's the Bloomberg Index, Economist Magazine, Nikkei, all show that Indonesia is the worst," concluded Faisal Basri.