UOB ECONOMIC OUTLOOK 2022
Empowering the Indonesian Economy
for Stronger Recovery
15 September 2021
Indonesia has not been spared from the impacts of COVID-19 pandemic. In the year 2020, the country’s economy contracted by more than two per cent - the lowest since the monetary crisis in 1998. In 2021, the situation remains volatile, especially amid the emergence of the highly contagious COVID-19 variant. Nevertheless, the South East Asian nation has not given up hope. Its economy has strong resilience driven by responsive and integrated economic, monetary and fiscal policies. The acceleration of the national vaccine rollout is also projected to restore public and business confidence in the economic recovery. Such condition will inevitably pave the way for Indonesia to a new normal era, a more progressive economy with a faster deepening of financial markets supported by digital-based technology.
How will the business world be affected by the new economic normal in the future and what are the important factors to address? How will consumers be increasingly in control in the midst of increasingly sophisticated digital technology support and how can industries make the most of opportunities to win consumer choice?
UOB Indonesia, along with relevant and competent keynote speakers, has shared insights and reviews insights on a host of issues that need to be addressed and responded to in the new normal era in the UOB Indonesia Economic Outlook webinar with the theme of "Empowering the Indonesian Economy for Stronger Recovery".
Distinguished Speakers

Ir. H. Joko Widodo
President of The Republic of Indonesia

Airlangga Hartarto
Coordinating Minister for Economic Affairs of The Republic of Indonesia

Teten Masduki
Minister of Cooperatives and Small and Medium Entreprises of The Republic of Indonesia

Muhammad Lutfi
Minister of Trade of The Republic of Indonesia

H. E. Suryo Pratomo
Ambassador of The Republic of Indonesia in Singapore
Other Notable Speakers

Wee Ee Cheong
Deputy Chairman and Chief Executive Officer, UOB

Hendra Gunawan
President Director, PT Bank UOB Indonesia

Enrico Tanuwidjaja
Economist, UOB

Joko Supriyono
Chairman of the Indonesian Palm Oil Association

Handhika Jahja
Director of Shopee Indonesia

Bonar Silalahi
Managing Director, Group Wholesale Banking, Sector Solutions Group, UOB

Bima Laga
Chairman of Indonesian
e-Commerce Association and Vice President Government Relations
at Bhinneka.com

Catherine Sutjahyo
Chief Food Officer, Gojek Group

Hendrik Komandangi
Business Banking Sales Head, UOB Indonesia
Quotes from Speakers


"We should use the pandemic as a momentum to transform the Indonesian economy. Let us seize these opportunities while continuing to maintain our health, in order to achieve sustainable and equitable economic growth."
Ir. H. Joko Widodo
President of The Republic of Indonesia


“We are carrying out structural reforms by implementing Law on Job Creation. The law provides ease of doing business in a bid to improve the investment climate, productivity and job creation The government has also allocated additional capital of Rp60 trillion in 2021 so that Indonesia Investment Authority can invest to support economic growth.â€
Airlangga Hartanto
Coordinating Minister for Economic Affairs of The Republic of Indonesia


"Looking ahead, we see opportunities emerging in the areas of connectivity, digitalisation and sustainability. With a strong base of young, enterprising talent who are skilled and digitally savvy, Indonesia is well equipped to tap these opportunities while playing a significant role in the region."
Wee Ee Cheong
Deputy Chairman and Chief Executive Officer, UOB


“With key structural reforms put in place, we believe Indonesia is well-positioned to maximise its potential and to attract more domestic and foreign investments. At UOB Indonesia, we are here to support our customers in Indonesia as well as those looking to expand into the country and across the region by tapping the strength of UOB Group’s extensive network. In doing so, we will help contribute to the continued growth of Indonesia and the region.â€
Hendra Gunawan
President Director, PT Bank UOB Indonesia


“Singapore still sees Indonesia as the most attractive country for investment. Nearly 30 percent of the total FDI that in Indonesia comes from Singapore. Last year, Singapore's investment in Indonesia reached US$9.8 billion, while this year in the first half of 2021 it reaches US$4.7 billion. This is an opportunity for Indonesia and Indonesian entrepreneurs to seize the opportunities and attract investors from Singapore to invest in Indonesia.â€
H. E. Suryo Pratomo
Ambassador of The Republic of Indonesia in Singapore


"Indonesia’s economy is set to emerge stronger amid the revival in domestic and favourable external demand, further supported by accommodative fiscal and monetary policy stances, as well as sustained infrastructure spending. Further structural reforms aimed at increasing productivity and investment, improving net export and creating sustainable economic growth will be fundamental to the country’s acceleration of post-pandemic economic growth."
Enrico Tanuwidjaja
Economist, UOB


"Digital economy is a necessity. A reality that we cannot avoid. Digital economy can help narrow down the gap for those who have not adopted digitalization. And this is part of our task at Ministry of Trade. Next year, we are committed to assisting at least 1 million new economic players to trade, to sell products, and to do business in digital media, at least in the online e-commerce market."
Muhammad Lutfi
Minister of Trade of The Republic of Indonesia
UOB Insights

UOB Indonesia is forecasting Indonesia’s economy to grow at least five per
cent in 2022 as the country focuses on furthering structural reforms, creating
sustainable commodity revenue streams, leveraging strong domestic consumption and
capitalising on its connectivity to global value chains. Further insight of UOB Economic
Outlook 2022 from UOB economist are available for download.
Further insight of UOB Economic Outlook 2022 from UOB economist are available for
download.
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