The G20 Summit is Expected to Be a Momentum for Bali's Economic Revival

Tourism and Creative Economy Minister Sandiaga Uno hopes that the G20 Summit will boost Bali's economic recovery after its downturn due to the Covid-19 pandemic.

"We hope the G20 Summit will be the peak of Bali's economic growth, which will also be driven by the year-end holidays," said Sandiaga Uno, as reported by Antara on Tuesday (15/11/2022).

According to the Central Statistics Agency (BPS), Bali's economy contracted since the beginning of the pandemic in the first quarter of 2020, as shown in the graph.

The island's economy even experienced a contraction of more than 10% throughout the second to fourth quarters of 2020, and only showed sustained recovery since the fourth quarter of 2021.

This recovery trend has continued to strengthen. In the third quarter of 2022, the regional gross domestic product (PDRB) at current prices (ADHB) of Bali Province reached Rp62.56 trillion.

Based on the 2010 constant prices (ADHK), Bali's economy grew by 0.6% to Rp38.17 trillion in the third quarter of 2022 compared to the previous quarter (quarter-on-quarter/qoq).

Compared to the third quarter of 2021, Bali's economy has now grown by 8.09% (year-on-year/yoy). Cumulatively, from January to September 2022, Bali's economy grew by 4.19% (cumulative-to-cumulative/c-to-c).

In the third quarter of 2022, the accommodation and food and beverage sector remained the largest contributor to Bali's economy, reaching 18.43% of the total PDRB.

With the accommodation and food and beverage sector as the main driver, it's no wonder that the island's economy was the hardest hit during the pandemic. Community activity restrictions during the pandemic caused this sector to stagnate.

Therefore, with the G20 event in Bali in November 2022, it is hoped that both domestic and international tourists will return, marking a turning point in restoring the glory of Bali's tourism sector.