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Tag: world bank

Economy and Finance

The World Bank Has Reminded Indonesia Of The Bad Impact Of The Omnibus Law

JAKARTA - The World Bank has not only described the positive impact of the Omnibus Law in Indonesia. This report entitled in 'Long Road to Economic Recovery' which was released last July. In this report, this world institution apparently gave a view regarding the negative impact of the Omnibus Law on Cipta Kerja. "This bill also proposes reforms that could have devastating consequences. Especially in the current economic environment," wrote the World Bank in its report. For example, the proposals in this bill concerning relaxation of requirements for environmental protection. And this law would destroy a wealth of natural resources. Which are essential for the livelihoods of many people and could have a negative impact on investment. "However, the cause of the delay and uncertainty i...
Economy and Finance

World Bank: ‘Omnibus Law Cipta Kerja Potential To Harm The Indonesian Economy.’

The World Bank assesses that there are several clauses in the Job Creation Omnibus Law that have the potential to harm the Indonesian economy, which is inversely proportional to the purpose of the draft regulation which is to increase economic growth through investment. This was conveyed by the World Bank in Indonesia's economic report released this July under the title Indonesia Economic Prospects: The Long Road to Recovery. Three points highlighted by the World Bank are clauses on employment, licensing and the environment. "The revision of the Manpower Law in the Work Creation Omnibus Law Bill has the potential to reduce the protection provided to workers," wrote the World Bank in its report, on Wednesday (29/7/2020). According to the World Bank, the latest minimum wage schemes as well...