VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Screen Capture of Minister Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, in a seminar on micro, small and medium enterprises in Jakarta, Sunday (Aug 30, 2020). ANTARA/Citro Atmoko/ac.

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has said that the World Bank believes Indonesia would have a less challenging time towards economic recovery compared to several other countries.

Pandjaitan said a World Bank official made the statement while speaking to him on the phone.

"Last night, I talked with the World Bank via telephone. They believed that Indonesia, with such large number of consumption, can recover easier compared to countries that are merely counting on high technology," he said while speaking during a seminar on micro, small and medium enterprises in Jakarta on Sunday.

He believed that Indonesia can recover quickly, given that all stake holders work together and one of the ways is to boost domestic consumption.

Indonesia's growth had contracted by  5.32 percent in the second quarter of 2020.

The economic slowdown was reflected in the country's expenditures, in which domestic consumption contracted by 5.5 percent, the worst figure in 20 years.

Given that 58 percent of Indonesia's GDP depends on consumption, industries in the food and beverage, fashion, transportation, communication and accommodation sectors are expected to play an important role in increasing domestic consumption.

"We have that combination. Therefore, let us use it," he said.

Minister Pandjaitan emphasized that the keys to driving economic growth recovery in the third quarter of 2020 include solidarity, cooperation, a spirit of innovation, and maintaining optimism.

He also added that people should not need to be overly fearful if in the third quarter of the year there would remain negative economic growth. .

"We are fighting as hard as we can, so that laterin  the third quarter it will be close to zero or at minus zero point something. But even if that happens, that is not the end of everything. Last night I discussed with the World Bank, they appreciate the programs we are doing. As long as we are still working as we are now, what we are doing is right, the measures are right, the discipline is right, there is no need for excessive fear and we must all maintain optimism," he explained. (ANTARA)