Indonesia’s growth rate predicted at 5.1% this year

A rice store at a market in Jakarta, Indonesia (Photo: AFP/VNA)

Jakarta (VNA) – The Finance Ministry of Indonesia forecasts this country will record an economic growth of 5.1% in 2023.

Febrio Kacaribu, head of the ministry’s Fiscal Policy Agency, delivered the projection at the recent 11th annual US - Indonesia Investment Summit in Jakarta, expressing his optimism that Indonesia will reach this year’s growth target thanks to stable economic expansion, by over 5% during the first half.

The country’s gross domestic product (GDP) is predicted to increase by more than 5% in the third quarter as in the first two quarters. Though many challenges remain in Q4, Febrio expected this year’s growth will be higher than forecast.

The official perceived that the Government should focus on sustaining the current purchasing power and growth rate from now until the year’s end and 2024./.

VNA