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Govt targets up to 5.7 percent growth, low deficit in 2024
The government's targeted budget deficit for next year is between 2.16 to 2.64 percent of GDP, shaving off up to 0.68 percentage points from this year's deficit target of 2.84 percent.
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Finance Minister Sri Mulyani Indrawati speaks during a press conference on July 16, 2022, at the Group of 20 Finance Ministers Meeting in Nusa Dua, Bali. (AFP/Pool/Sonny Tumbelaka)
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he government is targeting economic growth of between 5.3 and 5.7 percent in 2024, a significant rise compared to this year’s target of 5.3 percent.
Meanwhile, it aims to control inflation at below 3.5 percent and keep the unemployment rate between 3.6 to 4.3 percent.
Coordinating Economic Affairs Minister Airlangga Hartarto said on Monday that the government had several strategies to hit its targets, such as downstreaming natural resources, the energy transition, human capital development and the new capital city project.
It was also banking on many regulations designed to strengthen the economy, particularly the controversial Job Creation Law and the omnibus law on financial sector development.
Meanwhile, the government has set the 2024 budget deficit at between 2.16 and 2.64 percent of gross domestic product (GDP), or around Rp 598.2 trillion (US$39.47 billion), lower than the 2.84 percent deficit target for this year.
Last year’s deficit was recorded at 2.38 percent of GDP, marking a significant drop from 4.57 percent in 2021 and closing the gap to reach the government’s below 3 percent deficit cap mandated by law.
Read also: Indonesia’s GDP growth reaches nine-year high
