The heavy toll exacted by COVID-19 must have been on the mind of President Joko Widodo as he unveiled Indonesia’s budget for 2022. Amidst the economic havoc, the 2022 budget is meant to accelerate economic recovery from the pandemic and strengthen structural reforms. Controlling COVID-19 will remain a key focus.
With this in mind, Jokowi has proposed slightly lower state spending next year. It still aims to restart the pandemic-hit economy while maintaining the goal of cutting Indonesia’s growing fiscal deficit.
ON SHAKY GROUND Though Indonesia’s economy grew for the first time in five quarters, it may only be a temporary blip. The country recorded a 7.07 percent year-on-year growth in the second quarter of 2021, but that is coming off of the lockdowns that blighted most of Indonesia’s growth in 2020. Compared to the first quarter of the year, Indonesia’s economy actually shrank 0.74 percent. The economy recorded a 2.1 percent contraction last year.
Speaking at a news conference, head of Indonesia’s statistics department, Margo Yuwono said that transportation, warehousing, accommodation, and the food and beverage sectors had the biggest growth as Indonesia enjoyed a respite from the pandemic from April to June. Nevertheless, Yuwono admitted that the Indonesian economy has yet to return to normal.
This story is from the Issue 32, 2021 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Issue 32, 2021 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
