"We are optimistic that the Indonesian economy will be able to grow above five percent in 2023 and 5.2 percent in 2024 amid various downside risks faced," Hartarto stated at the National Seminar on Indonesian Economic Outlook here on Friday.
The minister remarked that Indonesia's fundamental economic performance is still maintained amid global uncertainty.
Hartarto cited the World Bank's assessment that projected the Indonesian economy to be consistently maintained at the level of five percent.
"We are currently above the average growth of developed and developing countries," he highlighted.
Meanwhile, the minister stated that Indonesia's inflation rate is still relatively controlled. Indonesia's inflation was recorded at 2.86 percent year-on-year (yoy) in November 2023.
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According to Hartarto, Indonesia's debt ratio is also still at a safe level of 38 percent. Under Law No. 1 of 2003 on State Finance, the ratio of government debt to the gross domestic product (GDP) is a maximum of 60 percent.
"This achievement is the result of the president's directive on the synergy between fiscal, monetary, and real sector (policies) and support from the public as well as the fiscal policy as a shock absorber that is responsive to the economic policy," he explained.
The monetary policy also plays a strategic role in maintaining stability and supporting sustainable economic growth, he added.
The minister drew attention to the fact that the digital economy also shows good prospects going forward, proven by the preparation of the Digital Economic Framework Agreement (DEFA) that is currently the only digital cooperation in the world.
"We also successfully prepared the DEFA, the only digital cooperation in the world. Other countries have CEPA but not the digital ones," he stated.
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Translator: Bayu S, Kenzu
Editor: Yuni Arisandy Sinaga
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