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View all search resultsGovt eyes 5.7% first-quarter growth on holiday spending
Despite global headwinds, the finance minister expects economic resilience, buoyed by spending over and beyond Idul Fitri, will help achieve 5.5-5.7 percent growth in the first quarter.
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People carry luggage and boxes of goods on March 16, 2026, as they walk down a platform at Pasar Senen Station in Central Jakarta to wait for their trains to travel home during ‘mudik’ (exodus) for Idul Fitri. (Reuters/Iqro Rinaldi)
T
he government projects sustained economic resilience in the first quarter on expanded growth from 5.5 to 5.7 percent due to increased spending over the Ramadan-Idul Fitri holiday, despite mounting global pressures.
Finance Minister Purbaya Yudhi Sadewa said on Saturday that the economy could grow this year between 5.6 and 5.7 percent, supported by strong household consumption during the holiday season and broader resilience of domestic demand amid external uncertainties.
Purbaya also noted expectations that the growth momentum would persist beyond Idul Fitri, underpinned by continued consumer spending and private sector activity, which remain the economic backbone.
Though global conditions could weaken if geopolitical tensions intensified, he said, external demand was still strong for now.
To safeguard spending power, the government plans to shield consumers from global oil price volatility by maintaining stable domestic energy prices, particularly for subsidized fuel.
“The global impact has not really been felt here because it is being absorbed by the government. We are making sure that people can continue normal activities under the current conditions,” Purbaya said on March 21, as quoted by Antara.
Read also: Govt pledges not to increase fuel prices
