KEBIJAKAN MONETER DAN FISKAL DALAM MENJAGA KESEIMBANGAN INTERNAL DAN EKSTERNAL INDONESIA TAHUN 2020–2025

Abstract

Maintaining internal and external economic balance is a major challenge for Indonesia as an open economy. This study analyzes Indonesia’s economic developments and the role of monetary and fiscal policies in maintaining these balances during 2020–2025. The study employs a descriptive quantitative approach using secondary data from Statistics Indonesia, Bank Indonesia, the Ministry of Finance, and relevant academic literature. Internal balance is examined through economic growth, inflation, and monetary policy indicators, while external balance is assessed through balance-of-payments developments and foreign exchange reserves. Fiscal conditions are analyzed using state revenue, expenditure, and budget deficit indicators. The results show that Indonesia’s economy recovered from a contraction of 2.07 percent in 2020 and grew by 5.11 percent in 2025. Inflation fluctuated throughout the observation period, while the BI-Rate changed in response to evolving domestic and global conditions. The state budget continued to support economic activity, although the deficit increased again in 2024 and 2025. External indicators also demonstrate the importance of maintaining adequate reserves and monitoring capital flows and current-account developments. The findings suggest that monetary and fiscal policies should be coordinated to support sustainable growth, price stability, fiscal resilience, and external stability. Since this study is descriptive, the observed developments do not establish causal relationships between individual policy instruments and economic outcomes.