World Bank calls on new governments to deliver policy stability for Economy

The World Bank is urging countries, including Indonesia, to focus on policy clarity in order to promote economic growth, particularly as many nations face limited fiscal and monetary measures due to prolonged global uncertainty. Manuela Ferro, Vice President of the World Bank East Asia and Pacific, emphasized the importance of addressing policy uncertainty, especially in light of upcoming leadership changes in many countries. She urged new administrations to communicate their policy directions clearly to businesses and households.

Ferro acknowledged the challenges in providing long-term fiscal or monetary stimulus to sustain economic growth. Instead, she highlighted the significance of businesses having clarity about the investment regime they operate in. Implementing competition-enhancing policies could attract more investors into economic activities. In Indonesia, Prabowo Subianto was recently announced as the winner of the General Elections Commission’s recent polls and is set to be sworn in this October along with his running mate Gibran Rakabuming Raka, the eldest son of incumbent President Joko “Jokowi” Widodo. The International Monetary Fund (IMF) has issued warnings about the need for countries to address escalating fiscal risks such as tight financing conditions and growing concerns about debt vulnerabilities. It is crucial for countries to proactively manage these risks to ensure sustainable economic growth.

By Riley Johnson

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