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​​Communication Department
12/3/2020 5:00 AM
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Optimism for Economic Recovery in 2021

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Bank Indonesia (BI) is optimistic that national economic recovery in 2021 can be realized by strengthening synergies through a prerequisite and 5 strategies. The prerequisite is vaccination together with the discipline of following COVID-19 protocols, while the 5 policy response strategies are: 1) opening up productive and safe sectors, 2) accelerating fiscal stimulus (budget realization), 3) increasing credit from the demand and supply side, 4) monetary stimulus and macroprudential policies, and 5) digitalization of the economy and finance, especially MSMEs. This was conveyed by the Governor of Bank Indonesia, Perry Warjiyo, at the 2020 Bank Indonesia Annual Meeting entitled "Synergize to Build Optimism for Economic Recovery" which was held virtually today (3/12) in Jakarta. On the same occasion, the President of the Republic of Indonesia, Joko Widodo, emphasized that this positive growth momentum must be maintained. The implementation of health protocols must be carried out with discipline and continued vigilance so that no second wave of the pandemic will harm the efforts and sacrifices that have been made.

The ongoing national economic recovery is predicted to increase. In 2021, the Indonesian economy is predicted to grow and reach 4.8% - 5.8%, supported by an increase in export performance, private and government consumption, as well as investment from both Government capital expenditures and foreign investment as a positive response to the Job Creation Law. Growth in all regions will also increase, particularly in Java and the Sulawesi-Maluku-Papua region. Macroeconomic stability will be maintained with inflation under control and targetted at 3 ± 1%, while the rupiah exchange rate will be stable with the potential to strengthen. External stability will be maintained, with a balance of payments surplus supported by a low current account deficit of around 1.0% - 2.0% of GDP. Financial system stability will also increase, with high capital ratios, low NPLs, and growth in each third party funds and credit that will rise to around 7% - 9% in 2021. This was conveyed by the Governor of Bank Indonesia, Perry Warjiyo, on the same occasion.

The momentum for national economic recovery needs to be continuously encouraged by strengthening synergy to build optimism by all parties, including the Government (Central and Regional), Bank Indonesia, the Financial Services Authority (Otoritas Jasa Keuangan, OJK), the Deposit Insurance Corporation (Lembaga Penjamin Simpanan, LPS), banks and various other parties. Vaccination, together with discipline in following COVID-19 protocols, are the prerequisite conditions for national economic recovery. The Governor of Bank Indonesia specifically emphasized that there were 5 (five) policies to strengthen the national economic recovery, namely: (i) opening up productive and safe sectors, (ii) accelerating the realization of fiscal stimuli, (iii) increasing credit / financing to business, (iv) ) the continuation of monetary and macroprudential stimuli, and (v) digitalization of the economy and finance, especially MSMEs.

Bank Indonesia supports the national economic recovery through the monetary policy stimulus that will be continued in 2021, that includes (i) stability of the Rupiah exchange rate in accordance with fundamentals and maintained market mechanisms, (ii) interest rates that will remain low, until signs of increasing inflationary pressure appear, and (iii) continuing the purchase of SBN from the primary market to finance the 2021 State Budget as a non-competitive bidder and macroprudential policies that will remain accommodative in 2021. Bank Indonesia will also continue to accelerate the implementation of The Indonesian Payment System Blueprint (Blueprint Sistem Pembayaran Indonesia, BSPI) 2025, accelerate the deepening of the money market according to the Money Market Deepening Blueprint (Blueprint Pendalaman Pasar Uang, BPPU) 2025, continuing to support the development of Islamic finance-economics and MSMEs, and continuing to be active in various international forums in terms of international policies. Bank Indonesia will also continue to direct all policy instruments to support the national economic recovery, closely coordinated with the Government and the KSSK, while maintaining macroeconomic and financial system stability.

Bank Indonesia Annual Meetings are held regularly at the end of each year to convey Bank Indonesia's views on the latest economic conditions, challenges and prospects for the future, as well as the direction of Bank Indonesia policies. This is a form of accountability and transparency by Bank Indonesia. The meeting was attended by the President of the Republic of Indonesia, Joko Widodo, The House of Representatives especially Comission XI, Heads of State Institutions, Onward Indonesia Cabinet, Regional Governors, heads of banking and non-bank corporations, academics, economic observers, and representatives of a number of international institutions. The theme of the 2020 Annual Meeting is "Synergize to Build Optimism for Economic Recovery".

At this 2020 Bank Indonesia Annual Meeting, Bank Indonesia gave 44 awards in 4 areas and 13 categories in the fields of monetary stability and financial system management, payment systems and rupiah money management, development of MSMEs and sharia financial economy, as well as for supporting Bank Indonesia policies and individual contributions. These awards are given out annually at the Annual Meeting, as an appreciation and recognition to partners who have supported the implementation of Bank Indonesia's duties. These awards also reflect the synergy between Bank Indonesia and economic actors together with the Government, OJK, and LPS as an effort to support the national economic recovery, while maintaining macroeconomic and financial system stability. 

Jakarta, 3 December 2020
Head of Group-Communication Department
Junanto Herdiawan
Information about Bank Indonesia
Tel.021-131, email:


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 "Synergize to Build Optimism for Economic Recovery"

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