Indonesia Economic Prospects (IEP), June 2021

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00:05 In 2020,

00:06 Indonesia experienced its first recession in two decades due to the COVID-19.

00:13 Both unemployment and poverty increased.

00:20 But the government's bold policy response avoided potentially worse outcomes.

00:27 The Indonesian economy is expected to rebound by 4.4% in 2021.

00:34 Growth is projected to increase to 5% in 2022,

00:38 assuming a faster vaccine rollout.

00:44 To boost the recovery and improve medium-term growth prospects,

00:47 Indonesia will need to tackle 3 challenges.

00:53 The first is to win the race against infections

00:55 by accelerating the vaccine roll-out and reducing viral transmission.

01:00 The second is to maintain adequate monetary and

01:03 fiscal policy support until the recovery is strong.

01:08 The 3rd is to ensure medium-term fiscal sustainability and improve fiscal space,

01:13 including by raising more tax revenue.

01:18 Although COVID-19 risks are exacerbating Indonesia's employment challenges,

01:22 it is also an opportunity for reforms

01:25 with four broad objectives.

01:28 First,

01:29 mitigate job losses during the crisis.

01:33 Second,

01:34 boost productivity and middle class jobs.

01:38 Third,

01:39 equip the workforce with the skills needed for higher productivity jobs.

01:44 And 4th,

01:45 bring more women into the labor force and reduce earning gaps between men and women.

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In 2020, Indonesia experienced its first recession in two decades due to the COVID-19. Both unemployment and poverty increased. But the government's bold policy response avoided potentially worse outcomes. The Indonesian economy is expected to rebound by 4.4% in 2021. Growth is projected to increase to 5% in 2022, assuming a faster vaccine rollout. To boost the recovery and improve medium-term growth prospects, Indonesia will need to tackle 3 challenges. The first is to win the race against infections by accelerating the vaccine roll-out and reducing viral transmission. The second is to maintain adequate monetary and fiscal policy support until the recovery is strong. The 3rd is to ensure medium-term fiscal sustainability and improve fiscal space, including by raising more tax revenue. Although COVID-19 risks are exacerbating Indonesia's employment challenges, it is also an opportunity for reforms with four broad objectives. First, mitigate job losses during the crisis. Second, boost productivity and middle class jobs. Third, equip the workforce with the skills needed for higher productivity jobs. And 4th, bring more women into the labor force and reduce earning gaps between men and women.

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PT1M57S

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worldbank/IEP June 2021 Final 720

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worldbank/IEP June 2021 Final 720-AVS

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IEP June 2021 Final 720

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IEP June 2021 Final 720

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