CNN Indonesia
Wednesday, 21 Feb 2024 05:50 WIB
Minister of Finance Sri Mulyani said the economic recession that hit Japan and the UK was triggered by many factors, one of which was the impact of Covid pressure which has not yet ended. (REUTERS/KIM HONG-JI).
Jakarta, CNN Indonesia —
Minister of Finance Sri Mulyani speak up about conditions Japan and England has officially entered the brink of recession due to minus economic growth for two consecutive quarters.
According to Ani, her nickname, this could happen because the country’s economy is still weak because it has not yet recovered from the Covid-19 pandemic.
In the midst of these conditions, the economy was also pressured by the policies of a number of central banks raising high interest rates several years ago.
“But developed countries like those mentioned earlier are experiencing a recession, yes they are already quite weak,” he said in Jakarta, quoted from detik.com, Tuesday (20/2).
Apart from that, the country’s economy was also affected by the Russian-Ukrainian war. The war has put pressure on the world economy and both countries.
Ani said this pressure was reflected in the projections of several international institutions which saw that the economic performance of developed countries, especially the G7, would be quite depressed this year.
“Whether it’s because of the war in Ukraine which primarily affects Europe, but also Japan and Europe in general will also be affected by economic policies, especially interest rates,” he explained.
Ani said that this condition would threaten the world economy as a whole, including Indonesia, so ways must be found to anticipate it.
“So we’ll see, next week I will attend the G20, in Brazil, there will definitely be updates regarding global economic conditions,” he concluded.
Japan experienced a recession after the economy in the third and fourth quarters minus 3.3 percent and 0.4 percent respectively. England also recorded a contraction in the third quarter of the economy of 0.1 percent and the fourth quarter of minus 0.3 percent.
(ldy/agt)
2024-02-20 22:50:00
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