Minister of Finance Sri Mulyani Not Surprised by England and Japan Entering Recession

Inggris dan Jepang Resesi, Sri Mulyani Tak Kaget

"English and Japan in Recession, Sri Mulyani Not Surprised"

"Dream - The global economic condition is currently alarming. Two advanced countries in the world, Japan and England, are reported to have entered a recession. Minister of Finance Sri Mulyani Indrawati said she is already aware of the condition of both countries."

Minister of Finance Sri Mulyani Not Surprised by England and Japan Entering Recession

"Even the former director of the World Bank and the International Monetary Fund (IMF) is not surprised to hear that both countries are experiencing a recession. According to the Minister of Finance, the economic conditions of Japan and England have been quite weak since 2023."

"But developed countries like the ones mentioned earlier that are experiencing a recession, yes, indeed they are already quite weak."

The following is the translation of the provided 'Bahasa' text to 'English' while preserving any html tags: "words Sri Mulyani after attending the OJK 2024 Financial Services Industry Annual Meeting, quoted from Merdeka.com, Tuesday, February 20th."

What is Recession?

As information, citing the OJK page, economic recession can be simply defined as a condition in which a country's economy is deteriorating, as evidenced by negative Gross Domestic Product (GDP), increased unemployment, and negative real economic growth for two consecutive quarters.

Sri Mulyani suspects the weakening of the economy as a result of the war between Russia and Ukraine, which also caused the economies of both advanced countries to become shaky.

"Whether it's due to the war in Ukraine which mainly affects Europe and also Japan," said Sri Mulyani."

Apart from the impact of the Russia-Ukraine war, the pressure experienced by developed countries is further exacerbated by the excessively high and rapid increase in interest rates in several countries. "This year, several institutions have indeed stated that the performance of the economies of developed countries will be quite pressured due to the significant increase in interest rates in various countries in a very short period of time. So it will definitely affect their economic performance," said Sri Mulyani.

The increase in interest rates is also what causes the projections and economic outlook of many advanced countries, especially G7 members, to weaken. G7 is a group of advanced countries including the United States, Italy, United Kingdom, France, Japan, Canada, and Germany.

Facing the global economic situation, Sri Mulyani hopes to gain insights and the latest information when attending the G20 meeting held in Brazil. "This is a challenge for our global environment, we will see next week when I attend the G20 in Brazil, there will certainly be updates on the global economic conditions," said Sri Mulyani. "Europe, in general, will also be affected by economic policies, especially rising interest rates," added Sri Mulyani.

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