Jakarta: Indonesian President Joko Widodo said Indonesia is racing against time in facing the global economic recession. He asked the cabinet to cut regulations that hamper investment.
"From the information I received, the global economy is slowing down, many other countries have entered a recession," Jokowi said when opening a limited meeting (Ratas) regarding the structuring and investment requirements at the President's Office, Jakarta, Wednesday, September 25 2019.
This Ratas is a continuation of the previous meeting in an effort to encourage the creation of a business world ecosystem that supports investment. Jokowi previously also promised to hold a limit on this matter once every two weeks.
Jokowi reminded the relevant ministers to prepare steps to anticipate a slowdown in the global economy, and cut regulations that hamper investment. Therefore, legal certainty must be present for investors.
Jokowi has also warned that the global economy will experience a recession in the next 1.5 years. This recession will have an impact on industrial growth.
The former Mayor of Solo also asked relevant parties to be careful. This situation cannot be separated from external factors such as trade war between China and the United States.
According to him, this condition is a challenge as well as an opportunity for Indonesia to increase export activities.
"We should use this opportunity so there is a turning point for industrialization in our country," Jokowi said, at the Merdeka Palace, Jakarta, Monday, September 16, 2019.
During the opening of the XVI National Deliberation of Young Entrepreneurs Association (Hipmi), Jokowi also warned the business community about the potential for this economic recession.
"The trade war is still ongoing, it still haunts us. External pressures in the form of the possibility of a potential recession in the next one or 1.5 years have begun to be calculated by experts," Jokowi said.
Jokowi said the world economic situation was full of uncertainties and several countries had entered the economic recession process.
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