The year 2022 is a good momentum for the Indonesian economy to recover strongly and recover together
Jakarta (ANTARA) - National Development Planning Minister Suharso Monoarfa stated that dark times for the national economy had ended, as it had shown some growth akin to that recorded prior to the COVID-19 pandemic.

"The dark times of our economy have ended. The Indonesian economy is currently recovering well. Thank God," the minister delivered the remark at the G20 3rd Development Working Group Side Event on Monday.

Minister Monoarfa noted that in the past few years, Indonesia had reeled from immense stress due to the pandemic to the point that it had suppressed growth to a level of minus 2.07 percent in 2020.

The COVID-19 pandemic also delayed progress in development attained in recent years. It caused the poverty rate to reach double-digit figures, from 9.22 percent in 2019 to 10.9 percent in 2020.

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Moreover, the unemployment rate also dramatically increased, from 5.23 percent in 2019 to 7.07 percent in 2020, leading to several people losing their income and compromised their ability to purchase things.

However, Indonesia managed to get through the tough times in an effective and efficient manner, considering that throughout last year, the economy recorded a growth of 3.69 percent (yoy).

Indonesia's economic improvement continued this year, with growth in the second quarter of 2022 reaching 5.44 percent (yoy).

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"The year 2022 is a good momentum for the Indonesian economy to recover strongly and recover together," the minister affirmed.

Statistics Indonesia recorded that national economic growth in the second quarter of 2022 was capped at 5.44 percent (yoy), which was mostly dominated by household consumption, with a rate of 2.92 percent.

Following household consumption, the highest source of national economic growth based on expenditure was net exports, capped at 2.14 percent.

The third-highest source of Indonesia's GDP growth in the second quarter of this year was gross fixed capital formation as an investment indicator, with a share of 0.94 percent.

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Translator: Astrid F H, Mecca Yumna
Editor: Fardah Assegaf
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