Though Indonesia’s economy is relatively stable and has entered an expansion phase, Indonesians must remain cautious in the face of the global recession threat, People’s Consultative Assembly (MPR) Speaker Bambang Soesatyo has said.
“Three countries and one region, those being the United States, the People’s Republic of China, India, and the European Union, which represent 62.1 percent of the world’s GDP (gross domestic product), are being hit by a (decline) in economic growth and hyperinflation, and even facing a threat of recession,” Soesatyo pointed out.
He made the statement during the commemoration of Constitution Day and the 77th anniversary of the People’s Consultative Assembly at the Parliamentary Complex, here on Thursday.
The theme of “The Constitution as the Foundation for Indonesia’s Post-Pandemic Economic Awakening” for the commemoration of Constitution Day is aimed at further cementing the direction of the ideals of an independent Indonesia, he explained.
The ideals comprise protecting the entire nation and the entire homeland, promoting public welfare, educating the people, and participating in maintaining world order based on freedom, eternal peace, and social justice, in an effort to create an independent, united, sovereign, fair, and prosperous Indonesia, he expounded.
“The COVID-19 pandemic has devastated the medical (sector), as well as struck the world economy, Indonesia has been no exception. After more than two years of struggling with the pandemic, the world has managed to overcome it well, in general; public health is gradually (improving), and life has returned to normal within certain limits,” he noted.
However, the sudden turmoil in geopolitics, especially the war between Russia and Ukraine, has made things worse for the global economy, he noted. Currently, the world is going through multiple crises, such as in the economic, food, and energy sectors, as well as inflation.
The spike in food and energy prices has once again constrained people who had just made it out of the COVID-19 pandemic, putting the world economy at risk of a recession. Therefore, Soesatyo reminded the public not to dismiss or take the threat of a global recession lightly.
Source: Antara News