BI provides four strategies to boost Bali's economy and mitigate Middle East crisis

Denpasar (ANTARA) - Bank Indonesia (BI) has provided input on four strategies to boost Bali’s economy, ensuring it continues to grow and remains resilient as a mitigation against the Middle East crisis that is impacting the global economy. “From an assessment with several assumptions, we estimate that the Middle East conflict will exert pressure on Bali’s economic growth by 0.05 percent, so it needs to be anticipated,” said the Head of BI Bali Representative Office, Erwin Soeriadimadja, in Denpasar on Wednesday. To this end, the central bank has offered strategies to the local and central governments to keep the economy on the Island of the Gods solid, one of which is through a quick programme to promote tourism in Asia and Australia. Those two regions are traditional markets that have long supported foreign tourist visits and are well-connected by direct flights to Bali. In addition, Europe holds the second-largest market share at 26.14 percent. He explained that tourism remains the backbone of the economy on the Island of the Gods, so several aspects need to be continuously strengthened and addressed, such as security issues, illegal accommodations, waste, and traffic congestion at certain points. Besides the tourism sector, the second strategy is to accelerate investment realisation, which needs to be encouraged as it has multiplier effects on the economy.