By Ryan Kiryanto, Senior Economist & Associate Faculty, Indonesian Banking Development Institute

IN Fitch Ratings’ publication on “Global Credit Outlook 2025”, it was concluded that “uncertainty will test credit resilience and macro-economic stability”. Clearly, this is an early warning that should be of concern to financial sector authorities and circles (especially banks) around the world, including Indonesia.                       

According to the publication, in 2025 the global financial sector will be faced with six factual conditions. First, the economic policy agenda of the United States (US) under President Donald Trump related to the increase in import duty tariffs for imported goods from its partner countries (including China, Canada, and Mexico), tax policy, policy deregulation, and immigration policy. Trump’s “controversial” policies are the main policy themes to watch with the greatest potential effect on the financing (credit) aspect.