{
    "success": true,
    "data": {
        "id": 1799236,
        "msgid": "indonesias-current-economic-condition-still-far-from-1998-crisis-analysts-say-1781232728",
        "date": "2026-06-12 08:57:55",
        "title": "Indonesia's Current Economic Condition Still Far from 1998 Crisis, Analysts Say",
        "author": "Satria K Yudha",
        "source": "REPUBLIKA",
        "tags": "",
        "topic": "Economy",
        "summary": "Political analyst Kristian Widya Wicaksono argues that comparisons between Indonesia's current economic pressures and the 1998 crisis are unfounded. He points to robust GDP growth of 5.61 percent in Q1 2026 and controlled inflation of 3.08 percent as evidence of a fundamentally stronger macroeconomic foundation. The analyst warns that unsupported narratives linking rupiah depreciation to a potential 'Reformasi Jilid II' risk creating unnecessary public alarm.",
        "content": "<p>Narratives linking the weakening of the rupiah to the possibility of\na \u2018Reformasi Jilid II\u2019 are considered to lack a strong basis.\nIndonesia\u2019s current economic condition is said to be vastly different\nfrom the multidimensional crisis that hit the country in 1998. Political\nanalyst from Parahyangan University (Unpar) Bandung, Kristian Widya\nWicaksono, stated that comparing the current situation with the 1998\ncrisis is inaccurate when viewed from various economic indicators and\nnational political conditions. \u201cScientifically, the conditions in 2026\ncannot be equated with the severe crisis of 1998,\u201d Kristian said on\nFriday (12\/6\/2026). According to Kristian, Indonesia is indeed facing\neconomic pressures due to global uncertainty. However, these pressures\nhave not reached a level that can be categorised as a systemic crisis\nlike the one that occurred at the end of the New Order era. \u201cIndonesia\nis currently in a phase of severe economic stress, but has not yet\nentered a phase of macroeconomic collapse like 1998,\u201d he explained.\nKristian detailed that the 1998 crisis was triggered by a combination of\nvarious problems occurring simultaneously, ranging from the collapse of\nthe financial system, soaring inflation, a wave of layoffs, to the\ndecline in public trust in state institutions. Current data shows that\nthe national economy is still growing positively. Statistics Indonesia\n(BPS) recorded that Indonesia\u2019s economy in the first quarter of 2026\ngrew by 5.61 percent year-on-year (yoy), the highest first-quarter\ngrowth in more than three years. In terms of price stability, inflation\nremains at a relatively controlled level. BPS reported annual inflation\nin May 2026 at 3.08 percent, far below the inflation rate during the\n1998 crisis, which exceeded 80 percent. \u201cIn 1998, Indonesia experienced\na systemic crisis with an economic contraction reaching 10-15 percent\nand inflation exceeding 80 percent,\u201d Kristian noted. He assessed that\nthe current conditions are different because the government and economic\nauthorities have stronger instruments to maintain national stability.\n\u201cCurrent macroeconomic conditions show better resilience. Bank Indonesia\nis still reporting a sustained trade surplus and inflation that remains\nrelatively controlled within the target range, despite mounting\npressures,\u201d he said. Therefore, Kristian reminded the public not to be\neasily influenced by narratives that equate the current rupiah\ndepreciation with the situation leading up to the 1998 Reformasi. He\nstated that every economic development must be viewed comprehensively\nbased on available data and indicators. He added that spreading\nnarratives unsupported by data risks creating excessive worry among the\npublic and could affect perceptions of the national economic condition.\nAccording to Kristian, Indonesia currently still possesses a stronger\neconomic foundation compared to the period preceding the 1998 crisis.\nConsequently, narratives linking the rupiah\u2019s depreciation to the\npossibility of a \u2018Reformasi Jilid II\u2019 are deemed to lack an adequate\nbasis.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/indonesias-current-economic-condition-still-far-from-1998-crisis-analysts-say-1781232728",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}