Indonesia’s economic indicators, such as the economic growth and inflation, were still better than those in many other countries that were seeing a potential for recession and hyperinflation.

The inflation rate, which rose precipitously in previous months due to increasing prices of fuel and imported goods, has begun to subside. Bank Indonesia (BI) again raised its benchmark interest rate by 25 basis points.

Global inflationary pressures are still high. Central banks raised interest rates again. There may be a global recession and Indonesia must adapt.

The increase in the Fed's interest rates and the increasing uncertainty in the global economy have encouraged the strengthening of the US dollar against other currencies.

Bank Indonesia has decided to raise interest rates early as a preemptive measure to cope with inflation in the event of an increase in fuel and food prices.

Indonesia's foreign exchange reserves are in a strong position to maintain the stability of the rupiah exchange rate. As of 31 March 2022, the value of Indonesia's foreign exchange reserves was US$139.12 billion.

Valuable lessons from the US more or less indicate that the success of the vaccination program is one of the key factors in the economic recovery of the superpower.

Statistics Indonesia (BPS) has announced that the economy contracted in the third quarter by 3.49 percent year-on-year (yoy), meaning that Indonesia has entered a recession.