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Indonesia Posts Positive Growth in Q1 2022

Indonesia grew 5.01% in the first quarter of 2022 due to a rise in commodity prices and the lifting of COVID-19 restrictions across the archipelago. However, rising inflation and the war in Ukraine give cause for concern.

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EKONID Event 50th Annual Members Meeting 2022

On the 27th of April 2022, EKONID successfully held the 50th Annual Members Meeting (AMM) at Ayana Midplaza, Jakarta. After being postponed for over two years, the AMM is back this year in hybrid system. 80 participants were attending the event on-site, and five participants joined through Zoom platform. Various aspects were being reported during the AMM, ranging from our activities in 2019 – 2021 EKONID Annual Report, financial statement, to ongoing and future initiatives in 2022. The upcoming activities in 2022 will focus on Hydrogen, E-Mobility, Extended Producer Responsibility (EPR), and Supply Chain Due Diligence Management Training.

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Indonesian imports set new record in 2021

According to the Indonesian statistics office BPS, Indonesia imported goods worth US$196.2 billion in 2021. That is an increase of 38.6% compared to the previous year and at the same time a new record. The previous high of $191.7 billion dates back to 2012. A new peak was also recorded on the export side at $231.5 billion (up 41.8%). The positive foreign trade balance of $35.3 billion marks the country’s largest surplus since 2007.

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Minimum wages in Indonesia will rise moderately in 2022

For many foreign companies, Indonesia is a location for low-cost contract manufacturing. When considering the general investment environment, the minimum wage is an important factor. There are currently only about 70 German manufacturing companies in the country. According to the local Chamber of Commerce and the Indonesian investment authority BKPM, several are currently preparing to relocate production from China.

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What to expect for Indonesia’s economy in 2022

The ongoing COVID-19 pandemic, RCEP, and the country’s focus towards digital economy, green economy and the down streaming of commodities are some of the main topics revolving around Indonesia’s economy as the world’s third largest democracy moves into 2022.