SUMEDANG BAGUS -- Bank Indonesia West Java continues to strive to maintain stability and encourage economic growth in Tatar Parahyangan. The economic prospects and direction of the policy mix for this were presented at the Bank Indonesia (PTBI) West Java Annual Meeting on Friday 29 November 2024.

This activity was held with the theme "Synergy to Strengthen National Economic Stability and Transformation". This activity was also attended by various stakeholders including the Head of the West Java Economic Bureau, Forkopimda, Regents/Mayors throughout West Java, vertical agencies, banking, academics, associations, business actors and all Bank Indonesia work partners in West Java.

The West Java Province PTBI was held in conjunction with the National PTBI which was attended by the President of the Republic of Indonesia, Prabowo Subianto, and the Governor of Bank Indonesia, Perry Warjiyo. Those who attended PTBI West Java also witnessed instructions from the Governor of Bank Indonesia Perry Warjiyo and the President of the Republic of Indonesia Prabowo Subianto.

Deputy Chief Representative of Bank Indonesia for West Java Province, Achris Sarwani, emphasized that the PTBI forum is an important platform for stakeholders to collaborate in formulating strategic steps to maintain economic stability and accelerate transformation towards a more competitive digital-based economy. It is hoped that this collaboration will become a strong foundation in facing increasingly complex economic challenges and taking advantage of existing opportunities.

Meanwhile, Deputy Chief Representative of Bank Indonesia, Muslimin Anwar, stated that the West Java economy at the end of 2024 is predicted to grow in the range of 4.6% - 5.4% (yoy), higher than global economic growth which is predicted at 3.2%. this year. Meanwhile, West Java inflation at the end of 2024 is estimated to be within the national inflation target range of 2.5% ± 1% (yoy), better than global inflation which is predicted to remain high at 5.3% (yoy).

Approaching 2025, the global economy is faced with various complex challenges. Continuing geopolitical conflicts in a number of regions have caused trade tensions between countries.

Apart from that, the surge in global food prices, increasingly striking economic divergence, and the strengthening trend of portexionism in various parts of the world, have also influenced global market instability. Furthermore, challenges to the economy are also influenced by domestic conditions.

Some of the main issues faced include encouraging increased employment, accelerating downstream and industrialization processes to create greater added value, and developing creative industries which increasingly have great potential. Equitable development is also one of the challenges to ensure that economic growth can be felt evenly throughout the region, so that it can support connectivity and strengthen other strategic sectors.

In order to face these various challenges, synergy and collaboration between stakeholders is needed. There are five strategic policy recommendations that can encourage recovery and acceleration of the West Java economy, one of which is maintaining inflation stability through the 4K framework (price affordability, supply availability, smooth distribution and effective communication).

Meanwhile, the other four policies are maintaining economic growth through incentives, fiscal realization and regional investment to optimizing export performance and import substitution, encouraging new sources of growth through sharia economics and finance, developing the digital economic ecosystem, and strengthening the pentahelix synergy between government, society, academics, business actors and media in work programs for economic growth and inflation stability. Through these various policy recommendations, Bank Indonesia predicts that the West Java economy in 2025 will continue to record positive growth in the range of 4.7% - 5.5%.

As a form of appreciation, the West Java Provincial Government together with Bank Indonesia West Java gave appreciation to districts/cities that have succeeded in controlling inflation and digitalization. In 2024, the Superior Inflation Control Program (PINUNJUL) award will be given to IHK City, namely Tasikmalaya City, Depok City and Bogor City, as well as non-IHK Districts/Cities, namely Banjar City, Kab. Pangandaran, Kab. Tasikmalaya, Kab. Kuningan and Kab. Majalengka.

For the best regional Economic Digitalization category, the 2024 Digital Economy Champion Appreciation (AJEG) was given to Kab. Bekasi, Kab. Bogor, Kab. Karawang, Kab. Bandung, Bandung City and Bogor City. Meanwhile, the best regional innovation award was given to Tasikmalaya City.

On the same occasion, appreciation was also given for the West Java Journalist Competition 2024 in the categories of writing, photo telling and video; as well as appreciation for the Best Rupiah Currency Management for the category of bank with the best cash distribution and services, the best Love, Proud, Understanding Rupiah education partner, as well as the best synergy and collaboration partner for administering counterfeit money.

The series of events closed with remarks from the Acting Governor of West Java read by the Head of the Economic Bureau, Yuke Mauliani. In his speech, Yuke Mauliani expressed his appreciation to Bank Indonesia as the main partner who always synergizes through various innovations to continue to advance the West Java economy with increasingly controlled inflation.

Furthermore, the West Java Provincial Government in 2025 will continue to strengthen synergy and collaboration with Bank Indonesia and all regional government stakeholders, the academic world, the business sector and the media. This is to increase economic resilience and encourage recovery and sustainable economic growth in West Java.

(SOURCE)