JPMorgan and ADB Say Indonesia is Second Strongest in Withstanding Global Crisis, How So?

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has expressed high optimism regarding the national economy’s resilience amid threats of global shocks. Based on the latest data from international financial institutions, Indonesia’s position is claimed to be on a very stable trajectory compared to other advanced countries.

“If there’s a global crisis, we’re number 2 in strength compared to other countries, even above the United States, above China, above Australia, and others,” said Purbaya at his office in Jakarta on Tuesday (05/05/2026).

Based on the JP Morgan report, Purbaya said that Indonesia’s energy resilience, reaching 77% against the global energy crisis, is only slightly below South Africa’s 79%. However, it surpasses China’s 76%, the United States’ 70%, Australia’s 68%, and Sweden’s 66%.

According to him, the report also shows that Indonesia falls into the category of countries with low exposure to crises and strong buffers. Countries in the same group as Indonesia include Russia, Saudi Arabia, Brazil, Argentina, and Turkey.

“This is from JP Morgan; the ADB also conducted a similar study, but they couldn’t publish it because if they did, the countries below would be shaken, so those below asked not to publish it,” he explained.

“But officially, the ADB told me we’re above, top 2 as well, so amid this energy crisis and global crisis, our foundation is very strong,” Purbaya emphasised.

Purbaya considers this report to also refute the “noise” from domestic economists that Indonesia will enter a crisis period like the 1998 monetary crisis. He assesses that those economists weren’t even born when the crisis occurred.

“Maybe they weren’t born in 97-98, then they analyse, but they didn’t see what happened to our economy at that time,” Purbaya stated.