Strong economic growth and stability can be maintained by Indonesia amidst global uncertainty.

Jakarta (Indonesia Window) – Indonesia has successfully maintained stability and strong economic growth amidst global uncertainty, Indonesian President Prabowo Subianto said in his introduction to the Plenary Cabinet Meeting at the State Palace, Jakarta, Monday (Oct. 20).

In conditions like these, where geopolitics are so uncertain, the geoeconomic situation is also uncertain, and strategic commodity chains are inevitably affected by global geopolitical uncertainty, President Prabowo noted.

“Energy and food are particularly vulnerable to this geopolitical and geoeconomic uncertainty. Thank God, we have been able to maintain high economic growth compared to the rest of the world, at five percent," the head of state said.

The president also highlighted the government's success in maintaining the state budget deficit below three percent of gross domestic product (GDP) and controlling inflation at around two percent, one of the lowest among the G20 countries.

According to Prabowo, the achievement is the result of the hard work of all levels of the government in monitoring and controlling inflation.

"This should not be underestimated. Many countries with strong industries experience high inflation. We have succeeded in maintaining stability and market confidence," he said.

Furthermore, President Prabowo commended the national capital market, which reached a historic high, with the Jakarta Composite Index (JCI) reaching 8,000.

He pointed out that the achievement (the maintaining of strong economic growth) reflects investor confidence in Indonesia's strong economic fundamentals.

According to him, the important thing is that our economic fundamentals must be strong, and the most basic economic fundamentals of every nation are food, energy, and water.

“As long as we are aware of this, we focus on this, we ensure our policies, and we guarantee our ability to produce and distribute food effectively, and with energy efficiency, we are also able to manage water," he said.

In terms of public welfare, Prabowo said the national poverty rate has fallen to 8.47 percent, the lowest figure in Indonesia's history.

The head of state also explained that the open unemployment rate had also fallen to 4.76 percent, the lowest level since the 1998 crisis.

"Once again, we must not be complacent because 4.76 percent of 287 million people is a significant figure, and for those who need work, this is something we must carefully consider. We understand that this unemployment rate is very worrying for those who desperately need work. We understand that, and that's why we are working hard," he said.

Reporting by Indonesia Window