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Title : FRIDAY STOCK NEWS 11/10/2019 - CSIS ENCOURAGES THE ACCELERATION OF
STRUCTURAL REFORM OF RESISTING ECONOMIC SLOWS
link : FRIDAY STOCK NEWS 11/10/2019 - CSIS ENCOURAGES THE ACCELERATION OF
STRUCTURAL REFORM OF RESISTING ECONOMIC SLOWS
FRIDAY STOCK NEWS 11/10/2019 - CSIS ENCOURAGES THE ACCELERATION OF STRUCTURAL REFORM OF RESISTING ECONOMIC SLOWS
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IQPlus - Fajar Hirawan Center for Strategic and International Studies (CSIS) researcher encourages the acceleration and improvement of a number of indicators in structural reforms to withstand slowing economic growth.
"There is still a lot of homework that needs to be accelerated immediately," he said in Jakarta, Friday. According to him, the government needs to boost realization to increase competitiveness after the World Economic Forum (WEF) issued a report on the decline in Indonesia's competitiveness at position 50.
Even though Indonesia's competitiveness has dropped by five ranks, the doctor of economics from Sydney University, Australia, said that this does not mean that the government's performance is bad in improving competitiveness. However, he continued, other countries are estimated to be faster in realizing increased competitiveness and productivity.
"The government already has a good vision, especially related to human resource development, but the realization is still not fast and massive," added the University of Indonesia alumni.
Improvements in the competitiveness of workers, especially among ASEAN countries, he said, also needed to be made to be more competitive, especially due to the Labor Law which was considered still rigid, for example related to severance pay. Fajar also encouraged improvements in structural reforms related to industrialization.
He hopes that the downstream policy does not need to be forced because it still has not shown results. Instead, the young researcher is encouraging that downstreaming aimed at increasing the added value of goods and services produced should be accompanied by new market penetration.
"In addition, Indonesia must be more active in the global production network, so that we participate in the global value chain," he said.
The researcher and academic also encouraged the improvement of the digital economy which is considered to still have many overlapping regulations and as well as imperfect competition practices or oligopolies related to payment gateway systems.
"This needs to be addressed immediately so that the potential for the digital economy can be truly tangible and related to access to finance, there are still many MSMEs that have not yet had adequate access," he said.
Previously, the World Bank released a report on economic growth in developing countries in East Asia and the Pacific which was projected to slow down from 2019-2021.
According to the Weathering Growing Risk report, slowing economic growth occurred from 6.3 percent in 2018 to 5.8 percent in 2019, then 5.7 and 5.6 percent respectively in 2020 and 2021. The report mentions the US trade war and China has become one of the sources of a slowing global economy that has affected exports and investment growth.
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