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Constrained Recovery: Global Shocks and Emerging Southeast Asia - Lowy Institute
interactives.lowyinstitute.org
Indonesia Economy and Industry
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interactives.lowyinstitute.org
Indos
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Mei inflation for YoY is 2.84% while MoM is a deflation at 0.06%. For full year of 2024, Indonesia inflation is expected to be below 3%.
With this number and if Rupiah is getting strenghthen then it is expected ( from my own point of view) for Central Bank to slash interest rate at 25 basis point at second semester of 2024 which I think will likely to happen in Oct-December period while I expect Indonesia central bank to hold current rates for some times.
With this number and if Rupiah is getting strenghthen then it is expected ( from my own point of view) for Central Bank to slash interest rate at 25 basis point at second semester of 2024 which I think will likely to happen in Oct-December period while I expect Indonesia central bank to hold current rates for some times.
Indos
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Tapera: Indonesia's Answer to the 36 Million Housing Shortage
The mandatory Housing Savings Fund (Tapera) program is designed to tackle the backlog of 36 million houses in Indonesia.
jakartaglobe.id
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Record High, Jabodebek LRT Passengers Break 1.7 Million People (in one month)
Suhaiela Bahfein, Hilda B Alexander. Tim Redaksi
Illustration of the Jabodebek LRT.(SHUTTERSTOCK/WIBISONO. ARI)
JAKARTA, KOMPAS.com - LRT Jabodebek successfully served 1,704,223 users as of May 2024.
With the average number of users on weekdays reaching 70,335 users, while on weekends and national holidays the average is 33,707 users.
Jabodebek LRT Public Relations Manager, Mahendro Trang Bawomo said that the number of users in May was record the highest monthly since the Jabodebek LRT officially operated in August 2023.
The number of users in May surpassed the previous record recorded in September 2023, when the flat tariff of Rp 5,000 was still in effect.
Also read: 4 Days Long Weekend Vesak Weekend, 139,275 People Use Jabodebek LRT
"Users in May increased by 12 percent compared to the number of users in that period, which was 1,506,191 users," said Mahendro as quoted from the KAI website, Wednesday (5/6/2024).
Although this May no longer applies a flat rate of Rp 5,000 as it was then, the number of users has actually increased.
"This shows that the Jabodebek LRT has been attached and has become the choice of the community in daily transportation," he said.
As for April, there was a growth of 18 percent, with the number of users reaching 1,402,933 people.
Mahendro said that this is an extraordinary achievement and shows the growing public trust in the Jabodebek LRT service, as well as recognition of the quality and comfort offered as a safe, comfortable, and efficient mode of mass transportation.
"We are very grateful for the enthusiasm, support, and trust of the community in the Jabodebek LRT. This increase in the number of users is a motivation for us to continue to improve the quality of service," he concluded.
/data/photo/2024/03/10/65ed9283dfe3a.jpg)
Rekor Tertinggi, Penumpang LRT Jabodebek Tembus 1,7 Juta Orang
Jumlah pengguna pada Mei melampaui rekor sebelumnya yang tercatat pada September 2023, saat tarif flat Rp 5.000 masih diberlakukan.
www.kompas.com
Indos
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RI Has a Semiconductor Industry Covering an Area of 11 Football Fields, This is the Location
Aug. 30, 2022, 11:30 a.m.
Liputan6.com, Jakarta In an effort to accelerate digital transformation, the semiconductor industry plays an essential role and has become the lifeblood.
Along with the development of the industrial era 4.0, the world's need for semiconductor chips also continues to grow with global demand increasing by about three times the needs before the pandemic.
With the rapid development of telecommunications and automotive devices including electric vehicles (electrical vehicles), as well as digitalization in many sectors, it is also increasingly opening up opportunities for the growth of the semiconductor industry.
In the continuation of a working visit in Batam city, Secretary of the Coordinating Ministry for Economic Affairs Susiwijono Moegiarso together with a group of the Coordinating Ministry for Economic Affairs and a number of Editors-in-Chief of the national mass media visited the first semiconductor company in Indonesia, namely PT Infineon Technologies Batam, last Sunday (28/8/2022).
PT Infineon Technologies Batam is an industrial company from Germany engaged in semiconductors. The company, which has absorbed approximately 2,000 workers, has been operating since March 6, 1996 and is a world leader in semiconductor solutions that make life easier, safer, and greener.
Through the vision of we make life easier, safer, and greener, PT Infineon Technologies Batam puts forward solutions for efficient energy management, smart mobility, and safe and smooth communication, as well as connecting the real world and the digital world.
Standing on an area of 83,000 m2 which is equivalent to 11 football fields, PT Infineon Technologies Batam is located in the Batamindo Industrial Park area, Batam, and is part of the Indonesia-Singapore-Malaysia economic growth triangle
:strip_icc():format(jpeg)/kly-media-production/medias/4140042/original/060435400_1661823496-publikasi_1661798819_630d09a39cdbd.jpeg)
RI Punya Industri Semikonduktor Seluas 11 Lapangan Bola, Ini Lokasinya
PT Infineon Technologies Batam merupakan sebuah perusahaan industri asal Jerman yang bergerak di bidang semikonduktor.
www.liputan6.com
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Indonesia’s Super Grid Becomes One Of The Keys To Clean Energy Penetration
Cirata Dam solar panel, West Java, Indonesia
By
Pooja Chandak
8th February 2023
The government plans to build an underwater power cable to connect five main areas of electricity in Indonesia or what is known as the Nusantara Supergrid Electrical Network. With the interconnection of the Supergrid power network, scattered sources of new renewable energy (EBT) can be utilized optimally so that the national EBT-based energy mix can increase.
“We will create what is called a national super grid or super grid because we are an archipelago consisting of 17,000 or 18,000 islands which in time we will connect with underwater power cables,” said the Secretary General of the Ministry of Energy and Mineral Resources (ESDM) Rida Mulyana This afternoon at the 2023 Indonesian Youth National Committee (KNPI) National Working Meeting in Bandung, Saturday (2/4).
Rida gave an example, the construction of the Supergrid is similar to the Telkom cable network which connects all parts of Indonesia through undersea cables.
“The supergrid is like what we are now connected to with Telkom cables throughout Indonesia, to any sub-district that has been connected. That is due to the existence of an underwater Telkom cable. We will also connect between islands with power cables like Telkom,” added Rida.
Rida also ensured that the construction of the Supergrid would be realized to distribute electricity from one point to another to optimize EBT power sources spread across almost all parts of Indonesia from Papua to Aceh.
“God willing, this super grid will be realized to distribute electricity from one point to another because renewable energy sources are spread throughout Indonesia, from Papua to Aceh, while those who use them are on the island of Java, so the electricity must be transported. Rida explained.
The development of the Super Grid as an EBT-based electricity distribution solution was previously announced by the Minister of Energy and Mineral Resources Arifin Tasrif at the 2022 Bloomberg NEF Summit entitled ‘Indonesia’s Sustainable Energy Transition Ambition’ in Nusa Dua, Bali last year.
At present, Minister Arifin emphasized the same thing that the super grid is one of the efforts to achieve the Net Zero Emissions (NZE) target in 2060 or sooner because many generators are made from EBT. It is also supported that current global issues are related to green industries that produce little or no carbon emissions.
For information, the idea of building the Nusantara Supergrid was initiated by a Professor at the School of Electrical and Informatics Engineering, Bandung Institute of Technology (ITB), the late Pekik Argo Dahono.
At that time, Pekik expressed his idea to connect the electricity network from Sumatra, Java, Kalimantan, Sulawesi, to Papua. Because Pekik sees that our NRE potential is uneven and far from demand. One of the conditions for developing EBT is transmission. So the transmission interconnection is very necessary.
Indonesia's Super Grid Becomes One Of The Keys To Clean Energy Penetration
The government plans to build an underwater power cable to connect five main areas of electricity in Indonesia or what is known as the Nusantara Supergrid Electrical Network. With the interconnection of the Supergrid power network, scattered sources of new renewable energy (EBT) can be utilized...
solarquarter.com
Picture source :
PLTS Terapung Cirata Cuma Makan Lahan Waduk 4%
Kementerian ESDM menyebut PLTS Terapung Cirata berkapasitas 192 MWp baru memakai sebesar 4% permukaan Waduk Cirata.
www.cnbcindonesia.com
Indos
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INKA Group export 96 cargo carriage to New Zealand. It is the batch 2 shipment
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Ekspor gerbong barang PT INKA ke Selandia Baru | ANTARA Foto
Truk bermuatan gerbong barang tipe container flat top (CFT) wagon buatan PT INKA Multi Solusi merapat di dekat kapal kargo untuk ekspor ke Selandia Baru di Terminal Jamrud,
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Pertamina Reports $4.4B Net Profit in 2023
Last year, Pertamina achieved self-sufficiency in diesel and aviation fuel production.
jakartaglobe.id
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Habibie’s lasting
legacy for Indonesia
RETNO MARUTI SUAHASIL NAZARA
In his brief time as president, BJ Habibie enacted
economic and democratic reforms that endure to this day.
Bacharuddin Jusuf “BJ” Habibie, third president of the Republic of Indonesia, passed away on 11 September in Jakarta. After serving as vice president under Suharto, Habibie succeeded him when political and economic crisis forced the president of three decades to resign in May 1998.
Although it lasted only 17 months, Habibie’s presidency was transformational. Before entering politics, Habibie had been a prominent aviation engineer educated in Germany and the Netherlands. Serving in the research and technology ministry in the early days of Suharto’s New Order regime, Habibie was known more for his skill in aircraft building and other high-tech industries than for his political agenda.
But today he is widely credited with the democratisation of Indonesia after the Suharto era, overseeing Indonesia’s first democratic legislative elections in 1999, and broadening freedom of speech. His democratic principles also led him to allow East Timor, now known as Timor-Leste, to vote on a referendum for autonomous status within Indonesia or outright independence.
He kick-started reforms that helped the economy recover from the 1997 Asian financial crisis and put Indonesia on the path to becoming the biggest democracy in the world. The economic reforms he established are still in effect today.
Despite much scepticism towards his economic capability, Habibie successfully led Indonesia out of the shocks of economic turmoil caused by the Asian financial crisis. Habibie understood that by 1998 Indonesia’s economic problems had become a crisis of trust, and not just the fault of neighbouring countries. He saw winning back investor confidence as the most critical issue.
Immediately after taking office as President, Habibie took steps to resolve the banking sector problem through a restructuring strategy, first by merging four state-owned banks, which then gave birth to Bank Mandiri, one of the biggest banks in Indonesia. He also established an independent central bank by separating Bank Indonesia from the government, so that Bank Indonesia would no longer be governed or pressured by the executive.
With the aim of restoring investor confidence, Habibie established the Indonesian Bank Restructuring Agency (IBRA), the State Asset Management Unit, and the Monitoring and Settlement Agency for foreign debt issue. Habibie also enacted policies to strengthen the national economy, including the Monopolistic Practices and Unfair Competition Law, Consumer Protection Law, the Political Party Act, and the Regional Autonomy Law, which collectively brought back political and economic stability, resulting in an increased influx of foreign investments and strengthening of the local currency.
A year into Habibie’s presidency, Indonesia’s economic growth had slowly improved. The country experienced 13.1% negative growth in 1998 and only a year later the economy grew positively by 0.8%, a sign that the crisis was coming to an end.
A woman votes in Indonesia’s 2009 presidential election. Habibie laid the groundwork for the country’s expansion of democracy (Photo: Department of Foreign Affairs and Trade/Flickr)
Fiscal decentralisation – and the local democratisation it enabled – was among the Habibie administration’s most noteworthy achievements, a long-overdue initiative, given Indonesia’s diverse population, geographical complexity, and uneven economic development across provinces. The two laws on political and fiscal decentralisation Habibie enacted in May 1999 – which promoted government response to local concerns, increased accountability, and strengthened governance – entirely changed the relationship between central and regional government.
Habibie’s love for technology clearly informed his approach towards economic strategy. “Habibienomics” was based on the belief that the added value of technology would support economic growth. During his time as Minister of Research and Technology, Habibie demonstrated his forward thinking in adopting research and technology for industrial purposes, and he aspired to build the quality of Indonesian human capital, envisioning the leap from an agrarian state to an industrialised country. Thus, he sent many young Indonesians overseas to study, and he initiated state-owned enterprises in advanced technology, such as aircraft, ships, communication equipment, and weaponry. It under the guidance of Habibie that Indonesia succeeded in manufacturing its own aircraft.
Years later, amid the rapid growth of globalisation, Habibie’s vision is still relevant. To survive, Indonesia needs to focus more on human capital, innovation, and productivity, as they fuel economic development. The country still lacks in innovation, especially in research and development activities, according to the Global Competitiveness Index 2018 – Indonesia spends less than 0.1% of GDP on research and development, ranking 112nd among 140 countries.
Current President Joko Widodo has set out the Indonesian Vision for his second term, promising to make the country a more productive and competitive nation by putting investment in human capital as the highest priority. Finance Minister Sri Mulyani Indrawati states that one of the focuses in the 2020 fiscal policy is to increase the competitiveness and innovation of the Indonesian people to drive a balanced mix between domestic consumption, investments, and exports.
These initiatives are part of the tremendous legacy Habibie has left behind. He laid a strong foundation for Indonesia to continue evolving into an advanced country. His thinking was way ahead his time, and made an invaluable contribution to even the current development challenges facing the country. This short piece will not be able to sum up the whole dedication of President Habibie for Indonesia. He will be dearly missed.
www.lowyinstitute.org
legacy for Indonesia
RETNO MARUTI SUAHASIL NAZARA
In his brief time as president, BJ Habibie enacted
economic and democratic reforms that endure to this day.
Bacharuddin Jusuf “BJ” Habibie, third president of the Republic of Indonesia, passed away on 11 September in Jakarta. After serving as vice president under Suharto, Habibie succeeded him when political and economic crisis forced the president of three decades to resign in May 1998.
Although it lasted only 17 months, Habibie’s presidency was transformational. Before entering politics, Habibie had been a prominent aviation engineer educated in Germany and the Netherlands. Serving in the research and technology ministry in the early days of Suharto’s New Order regime, Habibie was known more for his skill in aircraft building and other high-tech industries than for his political agenda.
But today he is widely credited with the democratisation of Indonesia after the Suharto era, overseeing Indonesia’s first democratic legislative elections in 1999, and broadening freedom of speech. His democratic principles also led him to allow East Timor, now known as Timor-Leste, to vote on a referendum for autonomous status within Indonesia or outright independence.
He kick-started reforms that helped the economy recover from the 1997 Asian financial crisis and put Indonesia on the path to becoming the biggest democracy in the world. The economic reforms he established are still in effect today.
Despite much scepticism towards his economic capability, Habibie successfully led Indonesia out of the shocks of economic turmoil caused by the Asian financial crisis. Habibie understood that by 1998 Indonesia’s economic problems had become a crisis of trust, and not just the fault of neighbouring countries. He saw winning back investor confidence as the most critical issue.
Immediately after taking office as President, Habibie took steps to resolve the banking sector problem through a restructuring strategy, first by merging four state-owned banks, which then gave birth to Bank Mandiri, one of the biggest banks in Indonesia. He also established an independent central bank by separating Bank Indonesia from the government, so that Bank Indonesia would no longer be governed or pressured by the executive.
With the aim of restoring investor confidence, Habibie established the Indonesian Bank Restructuring Agency (IBRA), the State Asset Management Unit, and the Monitoring and Settlement Agency for foreign debt issue. Habibie also enacted policies to strengthen the national economy, including the Monopolistic Practices and Unfair Competition Law, Consumer Protection Law, the Political Party Act, and the Regional Autonomy Law, which collectively brought back political and economic stability, resulting in an increased influx of foreign investments and strengthening of the local currency.
A year into Habibie’s presidency, Indonesia’s economic growth had slowly improved. The country experienced 13.1% negative growth in 1998 and only a year later the economy grew positively by 0.8%, a sign that the crisis was coming to an end.
A woman votes in Indonesia’s 2009 presidential election. Habibie laid the groundwork for the country’s expansion of democracy (Photo: Department of Foreign Affairs and Trade/Flickr)
Fiscal decentralisation – and the local democratisation it enabled – was among the Habibie administration’s most noteworthy achievements, a long-overdue initiative, given Indonesia’s diverse population, geographical complexity, and uneven economic development across provinces. The two laws on political and fiscal decentralisation Habibie enacted in May 1999 – which promoted government response to local concerns, increased accountability, and strengthened governance – entirely changed the relationship between central and regional government.
Habibie’s love for technology clearly informed his approach towards economic strategy. “Habibienomics” was based on the belief that the added value of technology would support economic growth. During his time as Minister of Research and Technology, Habibie demonstrated his forward thinking in adopting research and technology for industrial purposes, and he aspired to build the quality of Indonesian human capital, envisioning the leap from an agrarian state to an industrialised country. Thus, he sent many young Indonesians overseas to study, and he initiated state-owned enterprises in advanced technology, such as aircraft, ships, communication equipment, and weaponry. It under the guidance of Habibie that Indonesia succeeded in manufacturing its own aircraft.
Years later, amid the rapid growth of globalisation, Habibie’s vision is still relevant. To survive, Indonesia needs to focus more on human capital, innovation, and productivity, as they fuel economic development. The country still lacks in innovation, especially in research and development activities, according to the Global Competitiveness Index 2018 – Indonesia spends less than 0.1% of GDP on research and development, ranking 112nd among 140 countries.
Current President Joko Widodo has set out the Indonesian Vision for his second term, promising to make the country a more productive and competitive nation by putting investment in human capital as the highest priority. Finance Minister Sri Mulyani Indrawati states that one of the focuses in the 2020 fiscal policy is to increase the competitiveness and innovation of the Indonesian people to drive a balanced mix between domestic consumption, investments, and exports.
These initiatives are part of the tremendous legacy Habibie has left behind. He laid a strong foundation for Indonesia to continue evolving into an advanced country. His thinking was way ahead his time, and made an invaluable contribution to even the current development challenges facing the country. This short piece will not be able to sum up the whole dedication of President Habibie for Indonesia. He will be dearly missed.
Habibie’s lasting legacy for Indonesia | Lowy Institute
In his brief time as president, BJ Habibie enacted economic and democratic reforms that endure to this day.
www.lowyinstitute.org
Indos
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Southeast Asia quarterly economic review: Sustaining the momentum
June 24, 2024 | ArticleIndustrial activity: Industrial production growth is estimated to have picked up pace in the first quarter 2024 at 2.5 percent, compared to 1.9 percent in the previous quarter. Most sectors showed growth, with the largest contributions by manufacturing, trade, construction, and mining sectors. Agriculture contracted due to a decrease in agricultural commodity production at the beginning of the year, especially food crops, attributed to the El Niño phenomenon.6 Manufacturing PMI has remained in expansionary zone for the past 32 months, although April 2024’s return of 52.9 is lower than March’s figure, which stood at 54.2. Businesses widely reported that the demand for manufactured goods was broadly centered on the needs from the domestic market.7
Labor: Indonesia’s unemployment rate stood at 4.82 percent in February 2024, the lowest since 1997, indicating a strong recovery in the labor markets back to prepandemic levels. The labor force participation rate increased to 69.8 percent from 69.3 percent in the prior year, while the employed population grew by 2.56 percent to 142.18 million, mostly in food accommodation and beverages, construction, and agriculture sectors.8
Inflation: Inflation eased to 3.0 percent in April 2024 from 4.97 percent in the previous quarter. This was driven by a decline in food prices, as a favorable harvest season stabilized food prices across the archipelago.9 The latest numbers brings inflation back to within the government’s target range of 1.5 to 3.5 percent for 2024.
Financial markets
Currency: The Indonesian rupiah has depreciated almost 4 percent since early 2024, reaching 16,300 rupiah against the US dollar by the end of April, its weakest since 2020, leading to the central bank to intervene with a surprise rate hike to defend the currency. The rupiah extended some gains after the announcement, but it still remains above 16,000 per US dollar and could stabilize at around 16,200 per dollar in the second quarter 2024, gradually strengthen to 16,000 to the US dollar in the next quarter, and to 15,800 to the US dollar by the fourth quarter 2024.10
Policy rate: For the first time since October 2023, Bank Indonesia (BI) raised benchmark interest rates by 25 basis points to 6.25 percent in April 2024. The move aims to stabilize the rupiah, which plunged to historic lows against the US dollar recently.
Capital flows: FDI inflows rose 15.5 percent to US $12.5 billion in the first quarter 2024 versus 5.3 percent growth in the previous quarter. The manufacturing sector is the largest FDI recipient, accounting for more than 50 percent of FDI inflow, with China, Hong Kong, Japan, Singapore, and the United States being country’s top FDI contributors.11
Southeast Asia quarterly economic review: Sustaining the momentum
In the first quarter 2024, Southeast Asian economies continued to sustain growth momentum.
