Page 96 - Laporan Tahunan KFC 2025_low22.56

ANALISIS DAN PEMBAHASAN MANAJEMEN
ANALISIS DAN PEMBAHASAN MANAJEMEN
Management Discussion and Analysis
Management Discussion and Analysis

TINJAUAN PEREKONOMIAN

Economic Overview

PEREKONOMIAN DUNIA GLOBAL ECONOMY
Perekonomian global mengalami stagnasi pada tahun The global economy stagnated in 2025, primarily due
2025, yang terutama dipengaruhi oleh penerapan tarif to the implementation of reciprocal import tariffs by the
impor resiprokal oleh Amerika Serikat terhadap seluruh United States on all of its trading partners beginning in
negara mitra dagangnya sejak April 2025. Kebijakan April 2025. The unilateral tariff measures, which were
tarif impor sepihak tersebut, yang kemudian direspons subsequently met with retaliatory actions, particularly by
dengan tindakan retaliasi terutama oleh China, menekan China, weighed on global trade. However, as a number of
perdagangan global. Namun demikian, seiring dengan bilateral and multilateral trade agreements were reached,
tercapainya sejumlah kesepakatan dagang bilateral global trade tensions gradually eased toward the end of
maupun multilateral, ketegangan perdagangan global the year.
berangsur mereda menjelang akhir tahun.

Selain kebijakan tarif resiprokal, stagnasi ekonomi global In addition to reciprocal tariff policies, global economic
juga dipengaruhi oleh eskalasi ketegangan geopolitik, stagnation was also affected by escalating geopolitical
termasuk berlanjutnya perang Rusia-Ukraina dan konflik tensions, including the continuing Russia-Ukraine war and
di kawasan Timur Tengah. Kondisi tersebut mengganggu conflict in the Middle East. These developments disrupted
rantai pasok global, jalur perdagangan internasional, dan global supply chains, international trade routes, and
meningkatkan biaya logistik di pasar global. Di sisi lain, increased logistics costs in global markets. At the same
fragmentasi ekonomi antarnegara juga meningkat dan time, rising economic fragmentation across countries
turut menghambat proses pemulihan ekonomi global. further constrained the pace of global recovery.
Perekonomian Amerika Serikat melambat dengan The United States economy slowed, with growth of 2.2%,
pertumbuhan sebesar 2,2%, yang dipengaruhi oleh reflecting lower government spending due to a prolonged
penurunan belanja pemerintah akibat shutdown shutdown and weaker consumer demand. In addition,
berkepanjangan serta melemahnya permintaan konsumen. the U.S. labor market also faced challenges, as indicated
Selain itu, pasar tenaga kerja AS juga menghadapi by the increasing number of workers not absorbed into
tantangan, tercermin dari meningkatnya jumlah tenaga employment.
kerja yang belum terserap oleh lapangan pekerjaan.
Di kawasan Eropa, pertumbuhan ekonomi tertahan oleh In Europe, economic growth remained constrained by
tingginya ketidakpastian, terutama terkait kebijakan elevated uncertainty, particularly related to U.S. tariff
tarif Amerika Serikat yang menekan aktivitas investasi. policies that pressured investment activity. Nevertheless,
Meskipun demikian, perekonomian di sebagian besar most European Union economies continued to have room
negara Uni Eropa masih memiliki potensi perbaikan yang for improvement, supported by fiscal stimulus, monetary
ditopang oleh stimulus fiskal, pelonggaran kebijakan easing, and relatively stable labor market conditions.
moneter, dan pasar tenaga kerja yang relatif stabil.
Sementara itu, negara-negara utama dalam kelompok Meanwhile, major countries within the Emerging Market
Emerging Market and Developing Economies (EMDEs), and Developing Economies (EMDEs), such as India
seperti India dan China, menunjukkan ketahanan yang and China, indicated greater resilience than advanced
relatif lebih baik dibandingkan negara maju. Ekonomi economies. India’s economy recorded strong growth of
India tumbuh tinggi sebesar 7,8%, didukung oleh kuatnya 7.8%, supported by the manufacturing sector, construction
sektor manufaktur, konstruksi, dan investasi infrastruktur. activity, and solid infrastructure investment. China’s
Ekonomi China tumbuh sesuai target pemerintah, ditopang economy grew in line with the government’s target,
oleh surplus perdagangan, meskipun masih menghadapi supported by its trade surplus, although risks in the
risiko dari sektor properti dan permintaan domestik yang property sector and still-soft domestic demand remained.
belum sepenuhnya pulih.

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