Sri Mulyani: Structural Reform Accelerates The Economy Transformation Of The Republic Of Indonesia

Minister of Finance Sri Mulyani (Photo: Capture UOB Indonesia's Youtube screen)

The Ministry of Finance stated that strong growth throughout 2022 could not be separated from various strategic efforts made by the government to keep the economy in resilience.

Minister of Finance (Menkeu) Sri Mulyani said that the increase in gross domestic product (GDP) in 2022 by 5.3 percent is a reflection of durability amid the slowdown in the global economy.

"The continuation of the structural reform agenda to accelerate economic transformation will continue to be maintained in order to strengthen the structure and acceleration of national economic performance," he said when giving a press statement quoted on Wednesday, February 8.

For this reason, he said the government would continue to monitor the risks of the world economy in accordance with the latest developments.

"The risk of uncertainty is still quite high, although the risk of a slowdown in the world economy is indicated to begin to soften," he said.

According to the Minister of Finance, the strong pace of recovery last year became a foothold for the national economy to face short-term challenges, as well as to continue its medium-long-term development agenda.

The government explained that it is optimistic that economic growth in the 2023 period will remain strong even though it is faced with the prospect of slowing down the global economy.

"The 2023 state budget has also been prepared to always be vigilant but optimistic about future economic potential," he said.

The state treasurer added that fiscal health remains an important concern in order to be able to quickly and accurately target critical issues, including in controlling inflation, stability in improving people's welfare, and improving investment.

"Thanks to the hard work of the APBN as a global pressure suppressor, Indonesia is still a country with the title The Bright Spot in the midst of global shocks. This is something we must continue to maintain while being optimistic, but also alert," he said.

For information, in the World Economic Outlook published in January 2023 the IMF predicts global growth in 2022 and 2023 at 3.4 percent and 2.9 percent, or 0.2 percent higher than the previous forecast.

The upward revision was driven by strengthening performance in several major countries since the end of 2022 and starting to ease world inflationary pressures which are predicted to slow down gradually this year.