The Ministry of Industry and Trade has sent a report to the Prime Minister, proposing a reduction in the prices of electricity for three months to help ease difficulties facing production and business in the context of the ravaging COVID-19 epidemic.
Indonesia’s economy expanded 5.27 percent in the second quarter of 2018, the highest growth rate since the fourth quarter of 2013, thanks to growing domestic consumption.
The Asian Development Bank (ADB) projected that Indonesia's economy will grow by 5.3 percent annually in 2018 and 2019 thanks to improving investment and household consumption.
The World Bank (WB) has forecast that the Indonesian economy will remain strong and record a growth rate of 5.1 percent in 2017 and 5.3 percent in 2018.
Indonesian Minister of Finance Sri Mulyani has warned of global risks that could affect the country's economic situation as well as its efforts to reach the development targets in 2018, the Antara news agency reported on September 8.
A spike in electricity usage as a result of the record heat wave earlier this month across the northern region, especially Hanoi, will leave most residents high electricity bills.
The Indonesian Government maintained a 5.3 percent economic growth target for this year in the revised state budget to withstand uncertainties in the domestic and global economies.
Final consumption expenditure in Vietnam was estimated at 70 percent last year by the World Bank, making the country among Asia’s top 5 retail markets.
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