World Bank calls on new governments to offer predictable policies for economy

Clear Policy Directions: World Bank Urges New Administrations to Boost Investor Confidence Amidst Election Uncertainty in Asia

The International Monetary Fund (IMF) has issued a warning in a report last October, emphasizing the need for countries to address growing fiscal risks such as tight financing conditions and rising concerns about debt vulnerabilities. In response to this challenge, the World Bank is encouraging countries, including Indonesia, to enhance policy clarity for businesses as a sustainable approach to drive economic growth.

Manuela Ferro, Vice President of the World Bank East Asia and Pacific, emphasized the importance of addressing policy uncertainty, especially with multiple countries experiencing leadership changes this year. She highlighted that new administrations should promptly communicate policy directions to households and companies to provide clarity and certainty. This is critical for creating a competitive investment regime that would attract more investors into economic activity.

Ferro also noted that Indonesia’s General Elections Commission recently announced Prabowo Subianto as the winner of this year’s general elections, set to be sworn in as the new Defense Minister in October along with his running mate Gibran Rakabuming Raka. With more than half of the world’s population voting this year, several Asian countries have already held elections. As such, it is essential for new administrations to provide clear and concise policy directions to ensure sustainable economic growth.

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