Geopolitical instability poses risks to Indonesia’s economy: minister
Indonesian Coordinating Minister of Economic Affairs Airlangga Hartarto has highlighted several risks arising from the unstable geopolitical situation that will affect the largest economy in Southeast Asia.
People shop at a market in Aceh, Indonesia. (Photo: AFP)
Jakarta (VNA) 🥂– IndonesianCoordinating Minister of Economic Affairs Airlangga Hartarto has highlightedseveral risks arising from the unstable geopolitical situation that will affectthe largest economy in Southeast Asia.
The recent uncertain geopolitical situation in theMiddle East and the ongoing conflict in Ukraine also add to theinstability, he said at a press conference in Jakarta on November 6. Airlanggasaid that the Indonesian government is keeping a close watch on the situation and willkeep trying to mitigate the risk arising from the conflict in the Middle East. Hepredicted that this ongoing escalation will affect the prices of manycommodities, including oil, adding that as global economic growth is slowingdown, the effect of the price surge will be felt strongly.
Airlangga also mentioned El Nino as a challengeto global economic growth.
👍 Earlier,Finance Minister Sri Mulyani Idrawati said that the world is facing a highlyvolatile phase, with China, the US, and Europe trying to control theirrespective economic state.
Thiswill impact the whole world since these three influence more than 40%of the world, she said during a coordinating meeting for inflation control inJakarta on November 6. Accordingto Idrawati, the high level of inflation in the US is causing a worldwide currencydepreciation while China's economy is in recession, thereby affectingcommodities’ prices with a decrease in consumer demand. The conflict in Ukraineand the risk of widespread conflict in the Middle East will slow down the globaleconomy, she noted. Indrawatiemphasised that Indonesia must be vigilant against the geopolitical conditions thatcome in waves, causing the economy of the world’s fourth most populous country toslow down despite recovering well from the COVID-19 pandemic./.
Indonesian Minister of Health Budi Gunadi Sadikin on November 6 called for expediting the training of medical specialists to ensure the quality of public health care.
Statistics Indonesia (BPS) has announced impressive data on the tourism development index of the country so far this year, especially in the third quarter, which contributed to promoting the country’s economic growth.
Indonesia is confident in its financial sector’s resilience even under extreme scenarios in the global economy, according to the latest stress tests conducted by the Bank Indonesia (BI), Indonesia’s Finance Ministry, Financial Services Authority (OJK), and Deposit Insurance Corporation (LPS).
The National Logistics Agency of Indonesia (Bulog) on November 6 announced that the country plans to set the 2024 rice import quota at 2 million tonnes, a decrease from 3.8 million tonnes this year.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
People shop at a market in Aceh, Indonesia. (Photo: AFP) 
