President Joko Widodo attended the 2023 Indonesia Economic Outlook event in Jakarta

President Joko Widodo

Ten days before the end of 2022, I attended the 2023 Indonesia Economic Outlook event in Jakarta. In general, Indonesia's macro economy is much better than a few years ago.

We remember the years 2014-2015 when Indonesia was a vulnerable country along with five other countries, our current account deficit was US$27.5 billion in 2014 and US$17.5 billion in 2015. In 2014 our trade balance was also still a deficit of 2.2 billion US dollars.

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At that time, to protect the ranks of the government, I asked them to have the courage to carry out structural reforms to protect the macro economy from things that could harm it. For example, state securities (SBN), which at that time were controlled by foreigners 38.5 percent, now only 14.8 percent are controlled by foreigners.

The improvements made by the government have seen tangible results in the current account balance, which in the third quarter of 2022 has a surplus of USD 8.9 billion, meaning 0.9 percent of Indonesia's gross domestic product (GDP).