Indonesia's economic growth continues to increase, with Finance Minister Sri Mulyani Indrawati describing it as one of the strongest economic growths. "We are among the countries with the strongest and most persistent growth. We have consistently maintained growth above 5% for the past 6 quarters," Sri stated during a virtual press conference on the Indonesian State Budget on Monday (26/6/2023) in Jakarta. In contrast, Sri Mulyani noted that in other countries, while their growth may have been good, they experienced a decline this year. "We see many countries that are unable to withstand the pressures of economic slowdown and global economic turbulence," Sri said.
Sri pointed out that when looking at the global manufacturing Purchasing Managers' Index (PMI), it confirms that the world is still in a period of contraction in manufacturing activities. Only 24% of countries remain in an expansive and increasing position, including India, the Philippines, Russia, Japan, and China. "Meanwhile, only 14% of countries are in the expansion zone above 50, including Indonesia, Thailand, and Mexico," she added. Additionally, Sri mentioned that the majority of countries, about 62%, experienced a contracted manufacturing PMI. "This indeed reflects the overall economic conditions and global economic growth, including global trade, which is still showing signs of weakness," Sri concluded.
