{
    "success": true,
    "data": {
        "id": 1639824,
        "msgid": "economist-indonesia-has-room-to-maintain-stability-amid-global-uncertainty-1774677106",
        "date": "2026-03-28 12:15:01",
        "title": "Economist: Indonesia Has Room to Maintain Stability Amid Global Uncertainty",
        "author": "",
        "source": "ANTARA_ID",
        "tags": "",
        "topic": "Economy",
        "summary": "Economist Yusuf Rendy Manilet from the Center of Reform on Economics states that Indonesia retains space to safeguard stability despite global uncertainties stemming from the US-Iran conflict, particularly through coordinated fiscal and monetary policies. He highlights the need to reprioritise major programmes to focus on those directly benefiting society, ensure targeted subsidies, and leverage Bank Indonesia's interest rate adjustments to mitigate pressures on the rupiah, stock market, and bond yields. Effective coordination between fiscal discipline and monetary responsiveness is crucial to reassure investors and prevent heightened market volatility.",
        "content": "<p>Economist from the Center of Reform on Economics (CORE) Yusuf Rendy\nManilet stated that Indonesia still has room to maintain stability amid\nglobal uncertainties resulting from the US-Iran conflict. \u201cThe risks\nfrom this conflict are indeed real, but that does not mean they cannot\nbe managed. The key lies in policy responses. As long as fiscal and\nmonetary policies proceed in harmony and with credibility, we still have\nroom to maintain stability amid this highly uncertain global situation,\u201d\nhe told ANTARA in Jakarta on Saturday. According to him, the most\nsensitive point is the disruption in the Strait of Hormuz, causing\nmarkets to react with rising oil prices and increased global\nuncertainty. The impact of this conflict is directly felt in Indonesia,\nwhich still imports oil, thereby increasing the burden of subsidies and\npressuring the State Revenue and Expenditure Budget (APBN). If not\nanticipated, fiscal space will narrow further, and the risk of widening\ndeficits remains. \u201cMajor programmes need to have their priorities\nreviewed again\u2014which ones have a direct impact on the public and which\ncan be postponed or adjusted. In addition, subsidies need to be even\nmore targeted to avoid waste and truly protect the most vulnerable\ngroups,\u201d he explained. Looking at the impact on financial markets,\ninvestors tend to hold back on risks, thus pressuring the rupiah,\nweakening the stock market, and raising bond yields. In this context,\nthe role of Bank Indonesia is said to be increasingly important. The\npolicy interest rate can be used to maintain the attractiveness of\ndomestic assets and dampen exchange rate pressures, although it must be\ncalculated so as not to overly suppress growth. \u201cIn my view, what is\nmost crucial is coordination. When fiscal policy demonstrates discipline\nthrough efficiency and sharpened spending, and monetary policy is\nresponsive in maintaining stability, that will be viewed positively by\nthe market. Investors see that our policies are directed and\ncontrolled,\u201d Yusuf said. \u201cConversely, if fiscal policy expands without\ncontrol while monetary policy has to withstand pressures alone, the\nmarket will usually be more reactive and volatility will increase,\u201d he\nadded.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/economist-indonesia-has-room-to-maintain-stability-amid-global-uncertainty-1774677106",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}