President Joko Widodo expressed optimism for Indonesia's 2024 economic outlook at the 2024 Financial Services Industry Meeting in Jakarta on February 20, 2024. Citing positive indicators, he highlighted a 5.05% economic growth, controlled inflation at 2.57%, a USD 145 billion foreign exchange reserve, a trade surplus of USD 36 billion (approximately IDR 570 trillion), and a 0.16% current account surplus. While optimistic, the President cautioned the financial sector to stay vigilant against rapid global economic changes and technological disruptions, drawing lessons from past crises such as the 1998 Asian Financial Crisis and the 2008 Global Financial Crisis.
President Jokowi emphasized the need for an inclusive and sustainable economy, underscoring the importance of enhancing financial inclusion and literacy. Financial inclusion stood at 75%, and financial literacy at 65% in 2023, prompting the President to stress the continued efforts required in these areas. Additionally, he advocated for the development of micro, small, and medium enterprises (UMKM) through the banking and insurance sectors, calling for a strategic approach to increase banking credit to UMKM, currently at 19%, to foster their growth. Accompanying the President in this endeavor were key figures, including the Chairman of the People's Consultative Assembly (MPR), Coordinating Minister for Economic Affairs, Finance Minister, Investment Minister/Head of BKPM, Chairman of OJK's Board of Commissioners, and the Governor of Bank Indonesia.
