Global crisis weighed heavy on Indonesia's economic growth: BI

Global crisis weighed heavy on Indonesia's economic growth: BI

Bank Indonesia (BI) Deputy Governor Dody Budi Waluyo addressed a national seminar and book launch ceremony in Surabaya, on Thursday (ANTARA/Astrid Faidlatul Habibah).

Under these circumstances full of challenges, we must thank God that our economy grew 5.02 percent. Although it slowed down, we should give a thumbs up to it since it still hovered above 5 percent.
Surabaya, E Java (ANTARA) - The global economic slowdown, fueled by the global crisis, has led to Indonesia's economic growth plunging to 5.02 percent in the third quarter of 2019, from 5.05 percent a quarter earlier, the central bank stated.

The economic slowdown impacted not only Indonesia but also almost the rest of the world, including Malaysia and Singapore, whose economy recorded a slower-paced growth, Bank Indonesia (BI) Deputy Governor Dody Budi Waluyo stated here on Thursday.

The trade war is one of the main factors causal to the global economic slowdown, he pointed out.

Related news: Global economic growth continues to moderate: BI

On the contrary, he witnessed a positive trend in the release of the newest Indonesian economic growth data for the third quarter of 2019 that remained manageable and strong in the face of the global economic downturn.

"Under these circumstances replete with challenges, we must thank God that our economy grew 5.02 percent. Although it slowed down, we should give it a thumbs up since it still hovered above five percent," he stated.

The Indonesian economic growth was fueled by manageable domestic demand and strong performance of the external sector, while the global demand and commodity prices came under pressure, he noted.

In the midst of global uncertainty, the macroeconomic indicator is insufficient to shore up confidence and optimism of business agents, he stated.

Global economic challenges have become increasingly difficult, especially in 2019, when geopolitical uncertainty and the US-China trade war continued to cast a shadow on the global economy, he added.

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