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Economic growth in Prabowo Subianto’s first full quarter as president has touched the slowest pace since the coronavirus pandemic as the Ramadan boost failed to significantly jack up consumer spending and investors fretted about global uncertainty while government spending contracted.
The national economy grew 4.87 percent in the first quarter from a year earlier, its weakest growth rate in more than three years, official data showed on Monday, compared with a 4.91 percent growth rate expected by analysts in a Reuters poll.
The government is holding onto its target for 5 percent gross domestic product (GDP) growth this year despite the International Monetary Fund revising down its projection for Indonesia’s economy in a recent update.
South Korea's economy unexpectedly contracted in the first quarter as exports and consumption stalled amid fears over the impact of Washington's aggressive tariffs, fanning expectations of more interest rate cuts.
Worldwide economic output will slow in the months ahead as US President Donald Trump's steep tariffs on virtually all trading partners begin to bite, the International Monetary Fund said on Tuesday, as global finance chiefs swarmed Washington seeking deals with Trump's team to lower the levies.
The government and economists agree that an increasingly protectionist US trade policy is weighing on Indonesia’s economic growth, but the full extent of the damage will depend on the final tariffs Washington imposes on goods from the archipelago and its trade partners.
The middle class is not expanding fast enough to meet ambitious development goals, experts and businesses warn, which could scupper President Prabowo Subianto’s plans to boost economic growth to 8 percent and make Indonesia a developed country by 2045.
A top adviser to President Prabowo Subianto has expressed confidence that Indonesia will achieve 8 percent year-on-year GDP growth in this year’s final quarter thanks to the government’s food and housing programs.
