Indonesia set GDP growth of 5.3% for 2023

Indonesian President Joko Widodo

Jakarta, The Gulf Observer: The Government of Indonesia has set its economic growth target at 5.3% next year, Indonesian President Joko Widodo said in his 2023 state budget speech during the plenary meeting of the House of Representatives earlier this week.

The government will continue to redouble efforts to ensure the sustainability of the national economic recovery and to push for consistent production expansion to create as many job opportunities as possible.

Indonesian President Widodo also stressed that new sources of growth must be realized without delay. In keeping with this, the implementation of various structural reform agendas has continued to be accelerated to bring about economic transformation.

Investment must be stimulated, while the competitiveness of national manufacturing products in the global market must be improved, the President said.

He further noted that the private sector has increasingly become more robust as an engine for growth. Therefore, the management of fiscal policy can be better directed at creating a balance between improving productivity and competitiveness, as well as maintaining fiscal health and continuity to manage future risks and dynamics.

The 2023 economic growth target of 5.3% is higher than the target of 5.2% growth set by the government in the 2022 state budget.

Widodo proposed a budget of US$205.94 billion next year, prioritizing healthcare, human resources, infrastructure development and social welfare.