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124 PT Pertamina Hulu Energi 2022Laporan TahunanAnnual ReportAnalisis dan Pembahasan ManajemenManagement Discussion and AnalysisGeneral ReviewTinjauan UmumTINJAUAN PEREKONOMIAN GLOBAL Sepanjang tahun 2022, kondisi pandemi COVID-19 global menunjukkan perkembangan yang terkendali. Sejalan dengan hal tersebut, Direktur Jenderal WHO memberikan sinyal bahwa akhir dari situasi pandemi sudah semakin terlihat, di mana negara-negara melonggarkan restriksi sosial dan menyatakan bahwa pandemi telah beralih menjadi endemik, seperti Swedia, Denmark, Inggris, Irlandia. Tiongkok yang sebelumnya melaksanakan kebijakan Zero COVID-19 memberikan sinyal akan mulai melakukan relaksasi. Sementara itu, sempat terjadi tiga kali lonjakan kasus COVID-19 sepanjang tahun 2022 di Indonesia, namun pemerintah senantiasa mempercepat vaksinasi agar Indonesia dapat siaga menghadapi tantangan ke depan. Untuk mempercepat penanggulangan COVID-19, telah dibentuk Financial Intermediary Fund (FIF) for Pandemic Prevention and Preparedness Response (PPR) di level global sebagai langkah yang patut diapresiasi dan merupakan hasil kerja nyata dari Presidensi G-20 Indonesia.Di tengah situasi tersebut, aktivitas perekonomian global menunjukkan dinamika yang signifikan hingga perlahan melambat di penghujung tahun 2022. Banyak terjadi kontraksi manufaktur di negara-negara besar seperti Tiongkok, Jepang, Korea Selatan, Amerika Serikat (AS), dan Eropa, sementara di ASEAN yaitu Filipina, Thailand, dan Indonesia. Tren harga komoditas global menunjukkan penurunan seiring pelemahan aktivitas ekonomi di negara besar. Terkait komoditas energi dunia, kondisinya masih sangat dipengaruhi oleh tensi geopolitik hingga terjadi penurunan harga komoditas khususnya energi yang akhirnya berdampak pada perlambatan tekanan inflasi.Sementara itu di negara maju seperti di AS, The Fed melakukan pengetatan moneter dan kembali menaikkan suku bunga acuan Fed Funds Rate (FFR) sebanyak 50 basis poin (bps) menjadi 4,5% pada Desember 2022. Di sisi lain, tren kenaikan suku bunga masih terus berlanjut di Eropa dan Inggris. Dampaknya, dengan adanya pengetatan kebijakan moneter serta berbagai risiko dan ketidakpastian, GLOBAL ECONOMIC REVIEWThroughout 2022, the global COVID-19 pandemic exhibited a steady progression. In line with this, the Director General of the World Health Organization (WHO) signaled that the end of the pandemic situation is getting closer, as countries such as Sweden, Denmark, England, and Ireland have eased social restrictions and declared that the pandemic has become endemic. China, which formerly implemented the Zero COVID-19 policy, signaled that it would begin to relax its stance. Throughout 2022, there have been three spikes in COVID-19 cases in Indonesia, but the government continued to expedite vaccinations so that the country is prepared for future challenges. Globally, a Financial Intermediary Fund (FIF) for Pandemic Prevention and Preparedness Response (PPR) had been established to expedite the handling of COVID-19. This is a commendable step and the result of Indonesia's G-20 Presidency.Towards the end of 2022, global economic activity demonstrated significant dynamism despite this situation. Numerous manufacturing contractions occurred in major nations such as China; Japan; South Korea; the United States (US), and Europe; and the ASEAN region, comprised of the Philippines, Thailand, and Indonesia. The downward trend of global commodity prices parallels the deterioration of economic activity in major countries. Regarding global energy commodities, geopolitical tensions continue to exert a significant influence, resulting in a decline in commodity prices, particularly for energy, which has had an effect on moderating inflationary pressures.Meanwhile, in developed nations such as the United States, the Federal Reserve (Fed) tightened monetary policy by increasing the Fed Funds Rate (FFR) by 50 basis points (bps) to 4.5% in December 2022. In contrast, the trend of rising interest rates continued in Europe and the United Kingdom. The impact of monetary policy tightening and various risks and uncertainties will result in a weakening of the global