Jokowi Claims Indonesian’s Economy Has Passed the Lowest Point
President Joko "Jokowi" Widodo claimed that Indonesia has passed its lowest level of economic growth in the second quarter of 2020, and so it is now advancing to the economic recovery phase.
He said that many domestic macroeconomic indicators have shown positive growth, such as the increase in the import rate of raw materials and capital goods to support the performance of the processing industry.
The Indonesian trading balance, which is believed to support the economic resilience to external shocks, also recorded a surplus of US$8 billion during the third quarter.
President Jokowi, speaking at Jakarta's 2020 Bank Indonesia Annual Meeting (PTBI), said the state's economy contracted 5.32 percent respectively and 3.49 percent, in quarters two and three.
"This means that it has passed its lowest point, it's the turning point to the positive trend,” Jokowi said.
He assumes that investor trust in financial markets will continue to improve, as can be seen from the increase in the results of the Jakarta Composite Index (JCI) and the rupiah currency in recent weeks.
Jokowi emphasized that the positive economic momentum must be continued as a public health priority in the course of the COVID-19 pandemic. “We must remain vigilant, not careless, and be disciplined in implementing the health protocol to avoid the second wave which will put our efforts and sacrifices to waste,” he remarked.