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World Bank calls on new governments to deliver policy stability for Economy

The World Bank has advised countries, including Indonesia, to improve policy clarity for businesses as a sustainable method to drive economic growth. This is especially important considering the limited fiscal and monetary measures that many countries are facing in the midst of prolonged global uncertainty. Manuela Ferro, the Vice President of the World Bank East Asia and Pacific, emphasized the importance of addressing policy uncertainty, particularly as many countries will be experiencing changes in leadership this year.

Ferro highlighted the challenges in providing fiscal or monetary stimulus to sustain growth over the long term and underlined the significance of businesses having clarity about the investment regime in which they operate. She mentioned that implementing competition-enhancing policies would attract more investors into economic activities. The upcoming elections in many countries, including Indonesia, will have major implications for policy direction and economic growth.

In Indonesia, Prabowo Subianto has been announced as the winner of the recent polls and will be sworn in this October along with his running mate Gibran Rakabuming Raka. The IMF has issued warnings about the need for countries to address escalating fiscal risks, including tight financing conditions and growing concerns about debt vulnerabilities. It is crucial for countries to proactively manage these risks to ensure sustainable economic growth.

By Samantha Jones

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