In Indonesia, the labor force participation rate (TPAK) in August 2023 reached 69.48 percent, the highest since records began in 1986.
A resilient economy has led to a reduction in the unemployment rate despite weakening domestic and overseas demand this year.
Statistics Indonesia (BPS) reported on Monday that the country’s unemployment rate dropped to 5.32 percent in August, a 0.54 percent decrease from the same month last year. The number of unemployed amounted to 7.86 million people.
Acting BPS head Amalia Adininggar Widyasanti said although the figures were better than last year, the labor market had not returned to the pre-pandemic level.
"Although [unemployment] continues to decline, the number and level of unemployment are still relatively higher than the conditions before the pandemic," she said. In August 2019, she said, the number of unemployed people was 7.1 million.
Read also: Unemployment surges to decade high as COVID-19 causes millions to lose jobs
Indonesia has experienced solid economic growth this year, although it slowed in the third quarter at 4.94 percent year on year (yoy).
Economists have expected the country’s economy to slow down this year due to weakening global demand, falling commodity prices and a series of interest rate hikes.
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