VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

President Joko Widodo (Jokowi) expressed the belief that the Indonesian economy has passed its lowest point and is moving toward recovery.

Several macroeconomic indicators have shown signs of growth, including the import of raw materials and capital goods to support the processing industry, he stated during an annual meeting of Bank Indonesia 2020 held virtually via videoconferencing here on Thursday.

The head of state also believed that Indonesia's trade surplus of US$8 billion in the third quarter of 2020 will contribute to maintaining the country's external economic resilience.

"Our economy contracted 5.32 percent in the second quarter and 3.49 percent in the third quarter. This means it has passed its lowest point and is moving toward a positive trend," he remarked.

Investors' confidence in the money market also continued to rise, as mirrored by the movement of the Composite Stock Price Index (IHSG) and strengthening of the rupiah's exchange rate in recent weeks, he stated.

"From the standpoint of the capital and financial markets, the performance of the IHSG and the rupiah's exchange rate has risen to the tune of 5,522 and Rp14,050 per dollar respectively as of November 17, 2020. The improving performance of the IHSG was fueled by the rising index of sectoral stocks. The basic industry recorded the highest level of share index recovery after it plunged on March 24, 2020," he explained.

The positive momentum of the national economy must be maintained. However, while the economic recovery is underway, efforts to maintain public health in the wake of the COVID-19 pandemic must be prioritized, he stated.

"We must remain cautious and disciplined in following health protocols while not becoming inattentive. Stay alert for a second wave of (COVID-19) that will have a detrimental impact on our efforts and sacrifices," he emphasized.

Indonesia's count of active cases of COVID-19 currently stands at 12.72 percent, well below the global average of 28.04 percent. However, its recovery rate has reached 84.02 percent, well above the world average of 69.56 percent. (Antaranews)