INDEF Senior Economist, Faisal Basri, is optimistic that Indonesia is far from the risk of a recession because its dependence on foreign countries is relatively small. "Our exports and imports are low to GDP, as well as dependence on foreign investment," he told journalists, Saturday (26/11/2022).
According to Faisal, the Indonesian economy is only experiencing a slowing trend. But in general, when the world economy is minus, in Indonesia it is still relatively high.
This is reflected in the International Monetary Fund (IMF) report which projects world economic growth in 2023 of 2.7 percent. This means a decrease compared to this year which is estimated to reach 3.2 percent.
Meanwhile in Indonesia, the IMF projects economic growth of 5 percent. Even so, Faisal stressed that the insurance sector will experience pressure.
"This is because consumers in the insurance sector are still not recovering," he said. According to Faisal, most insurance consumers come from the manufacturing, agriculture and mining sectors.
Therefore, he sees that insurance companies must be able to find new customers who are more dynamic. "Consumer diversification is needed in order to get good growth," said Faisal. (RRI)