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Finance Ministry expects 5.1% growth in 2023
The government projects continued growth to the end of the year, after the economy grew over 5 percent in the first half of 2023.
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Finance Minister Sri Mulyani provides a testimony on Sept. 20, 2016 at the Constitutional Court in Jakarta, in relation to the judicial review of Law No. 11/2016 on Tax Amnesty. (JP/Dhoni Setiawan)
The Finance Ministry forecasts Indonesia’s economy to grow 5.1 percent by the end of 2023.
Febrio Kacaribu, head of the ministry’s Fiscal Policy Agency (BKF), delivered the projection on Tuesday at the 11th annual US-Indonesia Investment Summit in Jakarta.
“On average, in the whole of 2023, we have sustained our economic growth of 5.1 percent,” Febrio said.
He also expressed optimism that the country would meet its growth target, given the economy’s consistent rate of growth this year, adding that the economy grew over 5 percent in the first half of 2023.
Indonesia’s gross domestic product (GDP) is also estimated to exceed 5 percent in the third quarter, as in the previous two quarters. The ministry is expected to announce the exact figure later.
The country face various challenges in exceeding its fourth-quarter growth target, but Febrio remained hopeful of surpassing projections.
He also said the government should focus on maintaining purchasing power as well as the current growth rate.
