Relations with other strategic partner countries is strengthened on the basis of reasoning that the United States (US) is still experiencing stagnation in its economic growth for nine consecutive months.
Moreover, it is likely that the US will not be able to pay its US$31.45 trillion debt as per March 31, 2023.
"This year, we cannot expect too much from the US economy," he remarked.
In 2023 and 2024, he estimated that economic growth in Asia will be brighter as compared to the other continents, as it still grows positively to this day.
First, ASEAN's growth is estimated to surpass five percent. Thus, the 2023 ASEAN chairmanship led by Indonesia should be optimized to strengthen cooperation between Southeast Asian countries and Indonesia.
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The second factor involves the opening of China's economy that has been expedited. This may increase the demand from other countries to export and import goods.
"However, we cannot only export raw goods to China," he remarked.
Conversely, the year-on-year (yoy) economic growth of the US is experiencing a decline, from above three percent in the third quarter of 2022 to 1.1 percent during the first quarter of 2023.
Moreover, the possibility of the US being unable to pay its debt or a government shutdown, as it reduces unnecessary spending, will affect the country's economy.
This will affect Indonesia's trade balance with the US that still recorded a surplus of US$2.91 billion as per March 2023.
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Translator: M Baqir I A, Fadhli Ruhman
Editor: Yuni Arisandy Sinaga
Copyright © ANTARA 2023
