Jokowi: Indonesia Kembali Jadi Negara Berpendapatan Menengah Atas

President Jokowi (left two) at the Plenary Cabinet Session at the State Palace, Jakarta, Monday (3/7/2023). (ANTARA/Rangga Pandu A J)

JAKARTA - President Joko Widodo (Jokowi) said the World Bank has again included Indonesia in the upper-middle income countries.

"This is a rapid recovery process after we went down to the lower middle income countries group in 2020 due to the pandemic", said President Jokowi at the opening of the Plenary Cabinet Session at the State Palace, Jakarta, Monday, July 3, which was confiscated by Antara.

Although it has increased to become an upper-middle income country, Jokowi reminded that the situation faced by Indonesia will not be easy in the second semester of 2023, because global environmental instability and geopolitical tensions are still ongoing.

"This has an impact on economic growth and weakened trade activities, it seems that our exports have also decreased, then various international institutions predict a slowdown in the global economy, we must also really see this", said Jokowi.

Jokowi also warned about the movement of global interest rates and inflation which is still relatively high. In addition, there is global trade fragmentation that hinders multilateral cooperation.

The global economic situation, he said, shows various early indicators for consumption and production that must be carefully watched out for.

The Head of State also said that the Indonesian nation should be grateful because Indonesia's economic growth was above five percent in six consecutive quarters.

"We should be grateful that economic growth is relatively high above five percent and during the six consecutive quarters our economy grew above five percent", said the President.

The World Bank divides the economy into four groups based on income, namely low income (low), low middle income (lower-middle), high middle income (upper-middle), and high income (high income). The classification is updated every July 1 and is based on gross national income (gross national income/GNI) per capita in the latest US dollar currency.

According to data on the World Bank's official website which was accessed on July 3, 2023, the classification of four economic groups based on revenue for July 2023 to June 2024 is low income (1,135 US dollars), lower middle income (1,136 US dollars to 4,465 US dollars), upper middle income (4,446 US dollars to 13,845 US dollars), and high income (above 13,845 US dollars).