And continue to strive to achieve all the targets that we have set and for the progress of the nation
Jakarta (ANTARA) - Signs of economic decline and the threat of global recession are becoming stronger on account of the several crises that are currently gripping the world, Vice President Ma'ruf Amin has said.

"The threat of recession and signals of global economic decline are getting stronger. The food crisis, energy crisis, and financial crisis have become a dark cloud that looms upon all countries," he noted at the opening ceremony of the Indonesia Sharia Economic Festival (ISEF) 2022 here on Thursday.

A number of central banks in developed countries have responded to the prevailing situation by raising their benchmark interest rates to curb inflation.

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With the increase in the benchmark interest rates in developed countries, developing countries must remain alert for capital outflows and tap into their capital and strength to survive in a tumultuous situation.

Efforts to recover faster and rise stronger should not remain a slogan, but must be translated into policies and realized in collaboration with stakeholders, the Vice President said.

"And continue to strive to achieve all the targets that we have set and for the progress of the nation," he added.

Amin said that the government needs to maintain domestic strength, that is domestic consumption, which contributed up to 51.47 percent of the total gross domestic product (GDP) in the second quarter of 2022.

"Thus, the government continues to maintain the level of people's purchasing power and consumption through social assistance and cash assistance aimed at households and MSMEs (micro, small, and medium enterprises),” he said.

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The government has continued to promote the Proud of Made in Indonesia national movement to support the development of MSMEs making good quality products.

"The hijab fashion product, for example, has won the hearts of domestic and foreign consumers, we must continue to improve this. Let's be the first, set an example for the public, proud to use domestically made products," he said.

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Translator: Sanya D S, Mecca Yumna
Editor: Fardah Assegaf
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