Indonesia’s Finance Ministry has announced that the country’s state budget deficit increased to 281.9 trillion Rp (20.1 billion USD) or 1.8 percent of the gross domestic product (GDP) in October 2019, higher than the same period year earlier of 229.7 trillion Rp or 1.56 percent of GDP.
Indonesian Finance Minister Sri Mulyani Indrawati has denied the notion that the tax revenue target for 2019 was set too high, causing the government fail to achieve it.
Indonesia’s House of Representative passed the 2020 state budget on September 24, focusing on five prioritised fields, to avoid an economic downturn amid a risk of recession in developed economies and a global trade war.
The Thai cabinet has endorsed a budget of 3.2 trillion baht (about 104 billion USD) for fiscal year 2020, up 6.7 percent from fiscal 2019, which ends on September 30.
Promoted investment by the new government is hoped to speed up Thailand’s economy and help its GDP grow at a faster pace in the second half of 2019, said Deputy Prime Minister Somkid Jatusripitak.
Indonesia's budget deficit in the first quarter of this year totalled 102 trillion Rp (nearly 7.3 billion USD), accounting for 0.63 percent of the national gross domestic product (GDP), according to the Indonesian Finance Ministry.
The Vietnamese Government hopes to receive consultancy from the International Monetary Fund (IMF) to better its security market, price regulation and macro-economic policies, Deputy Prime Minister Vuong Dinh Hue has said.
The state budget deficit, which regularly remains at a high level, and rising public debt are among the biggest macro-economic risks facing Vietnam, making it more difficult for the government to help the economy head towards growth, said Professor Tran Tho Dat, Principal of the National Economics University (NEU).
Vietnam has experienced a year of socio-economic achievements. For example, economic growth continues at a high level; the macroeconomic environment remains stable; inflation is under control; the trade surplus is at record levels; and the State budget deficit is stable.
Indonesia posted a state budget deficit of 259.9 trillion IDR, or 1.76 percent of the national gross domestic product (GDP), in 2018, the lowest in six years, Finance Minister Sri Mulyani Indrawati said.
Prime Minister Nguyen Xuan Phuc made clear several issues under the watch of the Government during a question-and-answer session at the ongoing sixth plenum of the 14th National Assembly on November 1.
Increases in environmental protection taxes on petroleum from the beginning of next year would weigh heavily on inflation, especially as fuel prices rise worldwide, according to the Vietnam Institute For Economic and Policy Research (VEPR).
The World Economic Forum on ASEAN (WEF) 2018, themed “ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution”, wrapped up on September 13 after three working days with nearly 60 discussions.
Prime Minister Nguyen Xuan Phuc said on August 30 that ministries, sectors and localities must not underestimate their tasks in the four remaining months of 2018 but carry out drastic solutions as many difficulties still arise from the domestic and global situation.
The World Bank (WB) has projected that the Indonesian economy would grow 5.2 percent this year, higher than the figure of 5.18 percent put forward by the country’s government.
The 12th-tenure of the Central Committee of the Communist Party of Vietnam (CPV) discussed salary reform for officials, public servants, the armed forces and workers in the afternoon of May 9, the third day of its seventh plenary meeting.
Vietnam experienced a relatively stable macroeconomic situation in 2017, in accordance with general global economic trends, but experts warned there will be obstacles to maintaining such momentum in the turbulent environment of 2018, according to a report by the Vietnam Institute for Economic and Policy Research (VEPR).
Financial policies must be kept stable in order to help firms feel secure while conducting production and business activities, said Prime Minister Nguyen Xuan Phuc.
The Ministry of Finance (MoF) expects to keep this year’s State budget deficit at 3.7 percent of the GDP, below the 3.9 percent mandated by the National Assembly.
World
