Economic Recovery Driven by Domestic Consumption: Indwati

JAKARTA (ANTARA) – Indonesia’s economic recovery in the second and fourth quarters of this year will be boosted by consumption of domestic products, Finance Minister Sri Mulyani Indrawati said.

President Joko Widodo called on ministries and government agencies to purchase locally-rich products to meet government spending, the minister said in the 2023 financial report at the presidential palace. After attending a plenary ministerial meeting on the draft national budget, he said: here on monday.

The Made in Indonesia pride movement and consumption of domestic products have helped the country’s economic recovery amid global turmoil, she added.

The Indonesian economy is in good shape in 2022, even reaching pre-COVID levels as seen by 2021-2022 Gross Domestic Product (GDP) and a national budget deficit that has been considered moderate. Yes, said the minister. .

According to the Indonesian Bureau of Statistics (BPS), the Indonesian economy based on GDP in the second quarter of 2022 reached Rp4,919.9 trillion, representing an increase of 5.44% over the same period last year.

Meanwhile, Indonesia’s economy in 2021 based on GDP reached Rp 16,970.8 trillion, up 3.69% year-on-year, with per capita GDP recording Rp 62.2 million or US$ 4,349.5, BPS noted.

The 5.44% economic growth recorded in the second quarter of 2022 is an impressive achievement, Indrawati said.

“That’s a pretty high growth rate because last year’s second quarter growth was very high, and this year it could be 5.44%, which is above forecast. We’re optimistic that 5.2 will be 5.44 (%).” I do,” she added.

The minister considered domestic consumption to be a supportive factor for sustaining strong economic growth in times of global uncertainty.

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