Katanya Ekonomi Bagus, Kok Rakyat Sulit Sampai Makan Tabungan?

Summary

Despite the Indonesian government's claims of strong economic growth and low inflation, many citizens are feeling the pressure of rising living costs. While GDP growth has been steady and inflation remains low, the cost of basic necessities like food is soaring. As a result, many people are relying on their savings or side jobs to make ends meet. This financial strain is especially severe for lower-income groups, with the Bank of Indonesia's data showing a decline in savings and an increase in debt. The growing divide between macroeconomic successes and the struggles of everyday Indonesians raises questions about the true impact of economic policies.

Takeaways

• 😀 The Indonesian government has consistently claimed the economy is performing well, with GDP growth remaining steady around 5% from Q4 2021 to Q2 2023.
• 😀 Inflation in Indonesia has remained under control, staying below 3% as of November 2023, with an annual rate of 2.86%.
• 😀 Despite positive economic indicators, many people, especially those in lower-income brackets, do not feel the benefits of economic growth in their daily lives.
• 😀 Prices of essential goods, like rice and eggs, have significantly increased, making it harder for lower-income families to meet basic needs.
• 😀 Many people report struggling to save money or even meet basic needs due to rising living costs, especially with additional expenses like school fees and health costs.
• 😀 The gap between income and expenditure is increasing, with many individuals dipping into their savings to cover everyday expenses.
• 😀 A significant number of people are seeking additional jobs or side gigs to increase their income, as their primary salaries remain stagnant or insufficient.
• 😀 Bank Indonesia's consumer survey shows that the saving-to-income ratio has dropped, indicating that more people are using their savings to sustain their living standards.
• 😀 The level of debt has risen among Indonesians, with a higher percentage of income being allocated to paying off debts rather than saving.
• 😀 Lower-income groups are the hardest hit by the economic pressures, with many forced to deplete their savings due to inflation and stagnant wages.
• 😀 Even people in the middle-income group are experiencing reduced savings, and the economic environment may further strain them due to the current political cycle and uncertainty in investments.

Q & A

What claim does the Indonesian government frequently make about the country's economy?

The Indonesian government claims that the country's economy is performing well, with consistent growth rates around 5% and inflation under control at 2.86%.

How does the general public perceive the economic situation despite the government's claims?

Many citizens, especially those in lower-income groups, do not feel the benefits of the reported economic growth. They experience rising prices for basic goods and struggle to meet everyday expenses.

What specific challenges are mentioned by individuals regarding the cost of living?

Individuals report significant price increases for essential items like cooking oil, eggs, and other basic foodstuffs. Some mention prices reaching as high as IDR 80,000 to 140,000 for certain goods, making it difficult for them to afford basic necessities.

What strategies are people using to cope with the rising cost of living?

Many people are using their savings to cover daily expenses and are taking on secondary jobs or side businesses to supplement their income, such as selling small items online or working in other informal jobs.

What data does Bank Indonesia provide about the financial situation of Indonesians?

Bank Indonesia's survey data shows a decrease in the proportion of income saved (from 15.7% to 15.4%) and an increase in the proportion of income used to pay debts (from 8.8% to 9.3%). These trends reflect the financial strain faced by the public.

Which group of people is most impacted by the economic situation, according to the survey?

The most affected group is the lower-income population, who are increasingly using their savings to survive. However, even middle-income groups are feeling the financial pressure, as their ability to save has also decreased.

How have savings rates changed for different income groups?

For the lower-income groups (earning up to IDR 1.5 million per month), the savings rate has slightly decreased from 16.1% to 15.8%. For middle-income groups earning above IDR 5 million per month, the savings rate decreased from 18% to 16.3%.

What has been the trend in consumption habits in response to economic pressures?

The data from Bank Indonesia shows that while the proportion of income used for consumption decreased slightly overall, people in higher income groups (earning more than IDR 5 million per month) have actually increased their consumption, suggesting they are still spending more despite the economic situation.

How do economists explain the phenomenon of people using their savings to cover expenses?

Economists explain that rising costs and stagnant wages are forcing people, especially from lower-income groups, to dip into their savings. This situation is worsened by the challenges in finding stable, well-paying jobs, contributing to increased financial vulnerability.

What are the potential long-term consequences of this economic situation for the Indonesian population?

If the trend continues, there is a risk that lower and middle-income groups could become increasingly financially vulnerable, with many relying on their savings to survive, which could lead to a reduction in overall savings and further financial instability for these households.