Curbing Export Slowdown

Even though Indonesia's exports continue to grow and the trade balance has had a surplus for the last 30 months in a row, the impact of the world economic slowdown must be anticipated more seriously.

TOTOK WIJAYANTO

Heavy equipment is used to assemble containers in the Tanjung Priok Port area, Jakarta, Wednesday (2/3/2022). The Statistics Indonesia (BPS) noted that Indonesia's economy in the third quarter of 2022 grew 5.72 percent.

The impact of the deterioration of the global economy in Indonesia is not only seen from slowing export growth and falling imports of raw materials and capital goods as a component of industrial production, but also from the start of layoffs (PHK) in certain sectors.

Layoffs occurred, among others, in the garment and footwear industries as a result of declining global demand and the economic slowdown in developed countries. Layoffs have also occurred in a number of startups as part of a global phenomenon.