President Jokowi Highlights Economic Progress and Stability Post-2024 Elections

President Joko Widodo (Jokowi)

President Joko Widodo, commonly known as Jokowi, delivered the latest economic overview of Indonesia following the 2024 General Elections. In a gathering organized by the Financial Services Authority (OJK), held at The ST. Regist Ballroom in Jakarta on Tuesday (20/2/2024), Jokowi shared optimistic insights regarding the nation’s economic trajectory.

During his address, Jokowi highlighted the notable improvement in Indonesia’s economic indicators. He emphasized that the banking sector’s capitalization reached a commendable 27.69%, surpassing many regional counterparts. Moreover, banking credit exhibited robust growth, climbing by 38% year-on-year, a significant uptick compared to pre-pandemic levels.

Furthermore, Jokowi underscored Indonesia’s overall economic resilience, citing a commendable growth rate of 5.05% in 2023. Additionally, he reassured attendees that inflation remained under control, hovering at a manageable 2.57%.

In terms of financial stability, Indonesia’s foreign exchange reserves stood strong at approximately US$145 billion. The country’s trade balance also showcased a surplus of US$36 billion, a testament to its robust economic performance.

While celebrating these achievements, Jokowi cautioned against complacency, noting ongoing geopolitical tensions globally, such as conflicts in Ukraine and Gaza. He stressed the need for continued vigilance to safeguard Indonesia’s economic trajectory amidst global uncertainties.

Echoing Jokowi’s sentiments, the Chairman of the Financial Services Authority (OJK) emphasized the importance of leveraging Indonesia’s stable political climate and democratic institutions to propel national economic development. He urged the government to capitalize on the current momentum to drive the growth and ensure the resilience of the financial services industry.

Despite the positive outlook, Jokowi acknowledged the rapid pace of global economic transformation and the disruptive impact of technological advancements. He urged stakeholders to draw lessons from past crises and exercise caution to safeguard Indonesia’s financial industry and overall economy.

In conclusion, Jokowi reiterated the importance of maintaining political stability to foster a conducive environment for sustainable economic growth. He expressed confidence in Indonesia’s ability to navigate global challenges and emerge stronger, provided concerted efforts are made to uphold its stability and promote inclusive development.