Indonesia's Deputy Minister of Trade, Jerry Sambuaga, has asserted that Indonesia maintains resilience in the trade sector, despite the Organization for Economic Cooperation and Development (OECD) predicting a weakening ASEAN GDP growth to 4.2% in 2023. Speaking after participating in the ASEAN Investment Forum Day 2 in Jakarta, Jerry emphasized that Indonesia possesses policies and instruments that support its trade resilience. He highlighted Indonesia's relatively high and stable economy compared to other nations, with economic growth ranging from 4-5% and inflation below 4%. In July, Indonesia's trade exports reached USD 20.88 billion. Jerry expressed confidence that Indonesia, through its ASEAN Chairmanship, can showcase its robust economic performance even during the COVID-19 pandemic as a concrete example of the ASEAN region's potential. He stated, "This is an example of how we can project forward. I believe we will progress, develop, and, in line with that, our economy will improve."
Regarding ASEAN as a whole, Jerry noted that the ASEAN economy is reliable, evident from the interest of countries like Australia, New Zealand, Japan, South Korea, and China in becoming part of the ASEAN community in various fields, including trade and investment relationships. Additionally, countries outside this group, such as the United States and the United Kingdom, share similar objectives in enhancing bilateral and regional ties with ASEAN. Director of OECD Development Centre, Ragnheiður Elín Árnadóttir, commented during the ASEAN Business and Investment Summit that ASEAN's GDP growth is expected to weaken to 4.2% in 2023, primarily due to ongoing external demand declines and export contractions amid prolonged slowdowns in advanced economies. However, it is anticipated to improve to 4.7% in 2024.
