President Jokowi Predicts Global Recession Happen in Early 2023

VIVA – The Indonesian President, Joko Widodo, conveyed his projection of the economic situation for next year. President said that the global economy is expected to go into recession in early 2023. He delivered this prediction at the National Investment Coordination Meeting for 2022, in Jakarta, on November 30, 2022.

“Next year, in 2023, it will be more difficult for all countries and it is predicted that early next year, it will enter a global recession,” President Joko Widodo said.

Jokowi asked all levels of government to be careful in making policies. It is because if there is a policy mistake, the impact will be very fatal. Jokowi called for more caution in all fiscal and monetary policies, to mitigate the impact of the global economic crisis on the domestic economy.

"Be careful, I always keep saying this because the situation is not in a normal state. The key is that we have to work harder. We cannot work normally, under abnormal circumstances, we cannot," President Joko Widodo explained.

According to Jokowi, all elements of the government must understand that the current situation is not easy. In fact, not only in Indonesia but developed countries around the world are also experiencing difficult situations.

The difficult situation in the global economy is because of the threat of rising inflation, slowing economic growth, an energy goods crisis, and a food crisis caused by constraints on fertilizer stocks. In addition, there is also a financial crisis that haunts all countries with the threat of capital flow reversal.

"Therefore, in managing this very difficult situation, everyone must be careful. Policy, all policies must be careful," President Jokowi remarked.

Indonesia still recorded a good economic growth rate until the third quarter of 2022. According to data from the Central Statistics Agency (BPS), Indonesia's economic growth reached 5.72 percent on an annual basis in the third quarter of 2022.

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24 Juli 2025