{"id":254861,"date":"2022-08-16T15:15:37","date_gmt":"2022-08-16T08:15:37","guid":{"rendered":"https:\/\/setkab.go.id\/?p=254861"},"modified":"2022-08-18T16:43:46","modified_gmt":"2022-08-18T09:43:46","slug":"govt-eyes-5-3-percent-economic-growth-in-2023","status":"publish","type":"post","link":"https:\/\/setkab.go.id\/en\/govt-eyes-5-3-percent-economic-growth-in-2023\/","title":{"rendered":"Gov\u2019t Eyes 5.3 Percent Economic Growth in 2023"},"content":{"rendered":"<div id=\"attachment_254512\" style=\"width: 1249px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-254512\" class=\"size-full wp-image-254512\" src=\"https:\/\/setkab.go.id\/wp-content\/uploads\/2022\/08\/capture1.png\" alt=\"\" width=\"1239\" height=\"662\" \/><p id=\"caption-attachment-254512\" class=\"wp-caption-text\">President Jokowi on the Presentation of the Government Statement on the Bill on the State Budget for the 2023 Fiscal Year and Its Financial Note before the Plenary Session of the House of Representatives of the Republic of Indonesia, Jakarta, Tuesday (08\/16). (Image Source: a screenshot)<\/p><\/div>\n<p style=\"text-align: justify;\">The Government has set the target for next year\u2019s economic growth to reach 5.3 percent, President Joko \u201cJokowi\u201d Widodo has said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe will continue to redouble efforts to ensure the sustainability of national economic recovery,\u201d President Jokowi said at his address on the Presentation of the Government Statement on the Bill on the State Budget for the 2023 Fiscal Year and Its Financial Note before the Plenary Session of the House of Representatives of the Republic of Indonesia, Jakarta, Tuesday (08\/16).<\/p>\n<p style=\"text-align: justify;\">According to the President, the figure is based on against the backdrop of the latest dynamics of the national economy, the development agenda that has been set, as well as the risks and challenges faced by the country.<\/p>\n<p style=\"text-align: justify;\">To reach the set figure, the Head of State\/Government continued, the Government will continue to push for a consistent production expansion in order to provide employment to the greatest extent possible.<\/p>\n<p style=\"text-align: justify;\">\u201cVarious new growth sources must be immediately materialized. The implementation of various structural reforms agenda must continue to be accelerated for the sake of economic transformation.\u00a0 Investment must continue to be stimulated, while competitiveness of national manufacturing products in the global market must be improved,\u201d President Jokowi stated.<\/p>\n<p style=\"text-align: justify;\">As the private sector grows stronger to become an engine for growth, fiscal policy management can be better directed to strike a balance between improving productivity and competitiveness, as well as maintaining fiscal health and continuity in the face of future risks and dynamics, the President added.<\/p>\n<p style=\"text-align: justify;\">\u201cAppropriate policy mix, as well as better synergy and coordination between fiscal, monetary, and financial authorities will serve as a strong foundation in accelerating national economic recovery and strengthening stability of the financial system,\u201d he asserted.<\/p>\n<p style=\"text-align: justify;\">In addition, the Government will maintain inflation rate at around 3.3 percent and the State Budget will continue to be earmarked for anticipating external inflation pressure, particularly energy and food inflations.<\/p>\n<p style=\"text-align: justify;\">\u201cInflation assumption at this level also illustrates the continuity of recovery in the demand side, particularly due to improved people\u2019s purchasing power,\u201d the President said, adding that average Rupiah exchange rate is expected to hover around Rp14,750 per US dollar and the average 10-year government bond rate is predicted to reach the level of 7.85 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cIndonesia\u2019s crude price (ICP) is projected to hover around 90 US dollars per barrel. On the other hand, oil and gas lifting is forecast to reach 660,000 barrels per day and 1.05 million barrels oil equivalent per day respectively,\u201d President Jokowi said.<\/p>\n<p style=\"text-align: justify;\">The President also stated that Indonesia has been touted as one of the countries that have successfully tackled the pandemic and quickly rebuilt the economy.<\/p>\n<p style=\"text-align: justify;\">\u201cIndonesia\u2019s economic recovery continues to be in a stronger trend, growing by 5.01 percent in the first quarter of 2022 and recording a significant growth of 5.44 percent in the second quarter of 2022,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Strategic sectors such as manufacturing and trade sectors, President Jokowi continued, are growing expansively, sustained by the recovering of people\u2019s consumption and the solid export performance. Balance of trade has recorded a surplus for 27 months consecutively.<\/p>\n<p style=\"text-align: justify;\">Moreover, manufacturing sector that is experiencing a robust recovery is supporting the high performance of the national export. \u201cThis reflects the success of our industrial downstreaming strategies that we have implemented since 2015. The high export performance is also supported by the mining sector in line with the rising global commodity prices,\u201d President Jokowi said.<\/p>\n<p style=\"text-align: justify;\">According to the President, transportation and hospitality sectors that are hardest hit by the pandemic have begun to recover and grew by 21.3 percent and 9.8 percent respectively in the second quarter of 2022.<\/p>\n<p style=\"text-align: justify;\">\u201cIn July 2022, the indicator of the Purchasing Managers\u2019 Index (PMI) improved to 51.3 percent, reflecting a stronger recovery in the second semester,\u201d he remarked.<strong> (DND\/MAY\/FID\/UN)<\/strong> <strong>(GWH\/HD\/MUR)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government has set the target for next year\u2019s economic growth to reach 5.3 percent, President Joko \u201cJokowi\u201d Widodo has said. \u201cWe will continue to redouble efforts to ensure the sustainability of national economic recovery,\u201d President Jokowi said at his address on the Presentation of the Government Statement on the Bill on the State Budget [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":254512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77],"tags":[],"class_list":["post-254861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v26.1.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gov\u2019t Eyes 5.3 Percent Economic Growth in 2023 - Sekretariat Kabinet Republik Indonesia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/setkab.go.id\/en\/govt-eyes-5-3-percent-economic-growth-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t Eyes 5.3 Percent Economic Growth in 2023 - Sekretariat Kabinet Republik Indonesia\" \/>\n<meta property=\"og:description\" content=\"The Government has set the target for next year\u2019s economic growth to reach 5.3 percent, President Joko \u201cJokowi\u201d Widodo has said. \u201cWe will continue to redouble efforts to ensure the sustainability of national economic recovery,\u201d President Jokowi said at his address on the Presentation of the Government Statement on the Bill on the State Budget [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/setkab.go.id\/en\/govt-eyes-5-3-percent-economic-growth-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Sekretariat Kabinet Republik Indonesia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/id-id.facebook.com\/Setkabgoid\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-16T08:15:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-18T09:43:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/setkab.go.id\/wp-content\/uploads\/2022\/08\/capture1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1239\" \/>\n\t<meta property=\"og:image:height\" content=\"662\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Office of Assistant to Deputy Cabinet Secretary for State Documents &amp; 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