He acknowledged that many businesspeople were still waiting for the elections' results.
"They were somewhat concerned about the heated politics ahead of the elections. However, the elections went smoothly, and people were happy to vote," said Widodo, popularly known as Jokowi, at an annual meeting of the financial services industry in Jakarta.
He emphasized the importance of political stability in supporting inclusive and sustainable economic growth.
He underscored the resilience of the Indonesian financial industry, with banking capital levels reaching 27.69 percent and banking credit growing 10.38 percent year on year, or above the pre-pandemic level, amid the global geopolitical situation with ongoing wars in Gaza and Ukraine.
Jokowi also highlighted Indonesia's economic growth at 5.05 percent and controlled inflation at 2.57 percent.
Indonesia's foreign exchange reserves amounted to US$145 billion, the trade balance recorded a surplus of US$36 billion, and the current account deficit was a surplus of 0.16 percent, he stated.
"These figures inspire optimism about the Indonesian economy in 2024," he said, urging caution and vigilance due to the rapidly evolving global economy and ongoing technological disruption.
To foster an inclusive and sustainable economy, Jokowi encouraged the Financial Services Authority (OJK) to strengthen financial inclusion and literacy, which were still at 75 percent and 65 percent, respectively, in 2023.
He emphasized the importance of supporting micro, small, and medium enterprises (MSMEs) through access to banking and insurance, noting that current MSME loan penetration remains at 19 percent.
"We must improve this access with suitable strategies to help them grow," Jokowi added.
On the occasion, he lauded the refinement of the Indonesian Sustainable Finance Taxonomy launched by the OJK, so the green finance initiatives can balance the economic, environmental, and inclusive aspects.
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Translator: Yashinta Difa P, Resinta Sulistiyandari
Editor: Anton Santoso
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