"The foundation of the economy is still strong. Consumption, investment, and export drive the national economy," the minister stated at the National Coordination Meeting on COVID-19 Handling and National Economic Recovery (PC PEN) here on Thursday.
Economic recovery from the impact of the COVID-19 pandemic continues to run with the government's "gas-and-brake" strategy that is implemented in a responsive and adaptive manner.
In line with continued economic recovery, fiscal consolidation has progressed faster than expected, with the State Budget (APBN) deficit returning to be below three percent of the gross domestic product (GDP), namely at 2.38 percent of the GDP.
In 2022, the government had budgeted Rp455.62 trillion for the PC PEN Program, in which the absorption reached 91 percent, or Rp414.5 trillion, which was focused on the recovery of community consumption and investment.
"Inflation remained under control at 5.51 percent in 2022. This is the result of coordination (and) extra effort of the central and regional governments as well as the role of the Home Affairs Ministry, which is vital," he stated.
The unemployment rate declined to 5.86 percent as of August 2022 followed by a decrease in the poverty rate to reach 9.54 percent as of March 2022.
In 2021, the government budgeted Rp744 trillion for the PC PEN Program, with focus on economic reform and the handling of the Delta variant of COVID-19, in which absorption reached 88 percent, or Rp655.1 trillion.
In 2020, the government allotted Rp695.2 trillion for extraordinary policies in the real sector that were realized at Rp575.8 trillion, or 83.2 percent.
"The lesson learned from the COVID-19 pandemic is that under the leadership of President Joko Widodo, the handling of COVID-19 with the gas-and-brake (strategy) to balance life and livelihood has been proven to be optimal," the minister stated.
In addition, the pandemic presented a lesson that the government needs to ensure data availability and quality, coordinate with regional governments and all elements of society, and utilize digital technology to enhance its programs' accuracy in terms of targets.
"The COVID-19 pandemic has also presented innovations, such as the creation of the Red and White Vaccine," he remarked.
Related news: Gov't committed to maintaining economic recovery momentum: Indrawati
Related news: Minister Lahadalia stressed on equal economic growth at WEF 2023
Translator: Sanya Dinda, Raka Adji
Editor: Rahmad Nasution
Copyright © ANTARA 2023
