Indonesia must not get complacent over the 5.72-percent economic growth recorded in the third quarter of 2022 and remain vigilant against possible risks arising from global uncertainty, the Presidential Staff Office (KSP) has said.

“We must be thankful that our third quarter economic development is accelerating. We must not get complacent over this achievement because we need to remain vigilant against recession risks and threats,” KSP’s deputy III Edy Priyono said at the Presidential Palace complex here on Tuesday.

The effects of global uncertainty, such as economic recession, high inflation, and tight monetary policies, are looming over Indonesia and could potentially harm national economic growth, he cautioned.

The deputy reaffirmed the KSP’s commitment to ensuring that the government works hard with the financial sector authorities to maintain economic growth with the help of combined policies for controlling inflation, promoting investment, and encouraging exports.

“Our government has also provided various incentives and social assistance to assist affected industries and residents,” he noted.

Earlier on Monday (November 7), Statistics Indonesia (BPS) announced that Indonesia’s economy grew 5.72 percent in the third quarter of 2022, an increase from the 5.45-percent growth recorded in the second quarter.

Indonesia’s economic growth surpassed that of other countries, such as China (3.9 percent), South Korea (3.1 percent), the European Union (2.1 percent), the United States (1.8 percent), and Germany (1.2 percent).

Indonesia’s economic growth was supported by strong domestic demand and high investment and export performance, the BPS informed. The nation’s household consumption grew by 5.39 percent, investment 4.9 percent, and exports 21.64 percent.

The highest economic growth was recorded in the Sulawesi-Maluku-Papua regions, followed by Bali and Nusa Tenggara regions, and Java, Kalimantan, and Sumatra regions.

Source: Antara News