Developed nations like Japan, South Korea, and China achieved double-digit growth over long periods,
Jakarta (ANTARA) - Indonesia's new Finance Minister, Purbaya Yudhi Sadewa, believes the country can achieve economic growth of 8 percent within the next 2–3 years, especially after overcoming the current economic slowdown.

Sadewa, inaugurated by President Prabowo on Monday afternoon, said he had received instructions from the President to immediately drive economic growth, which the President has targeted at 8 percent.

"I told the President that it would take time and be gradual to achieve 8 percent growth. He said don't delay, it must be achieved as soon as possible! That's why we'll try," Sadewa said after his inauguration at the Presidential Palace.

Having previously served as Head of the Deposit Insurance Corporation (LPS), Sadewa assessed that the 8 percent target could realistically be achieved within the next 2–3 years.

"As an economist, I think the 8 percent growth target for this year might be a bit difficult. However, there's a chance this growth can be achieved in the next two to three years," he said.

"We will strive to accelerate the currently slowing economy, for example to 6 percent, and then build other projects to boost growth further," Sadewa added.

He emphasized that achieving 8 percent growth is not impossible, noting that Indonesia risks stagnation if growth remains at 5 percent.

"It's not impossible. That's what we must pursue. If we continue to grow at 5 percent, we won't be able to become a developed country. Developed nations like Japan, South Korea, and China achieved double-digit growth over long periods," he said.

"The 8 percent growth rate may seem overly optimistic, but if well-designed, it is achievable, especially considering the challenges our economy has faced over the past 20 years," he added.

Sadewa also outlined his strategy to address the current economic slowdown, which he believes can be resolved within the next 2–3 months. One key approach is optimizing financial management, which he said is currently suboptimal.

"I think there are still areas where money management isn't optimal, and we'll fix that. Even if the budget is absorbed, we'll ensure the funds don't disrupt our banking system. That's what we'll work on. So, there's no need to worry," he said.

After his inauguration at the State Palace, Sadewa proceeded to the Ministry of Finance to meet with his deputy ministers and director generals.



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Translator: Genta Tenri Mawangi/Andi Firdaus, Katriana
Editor: M Razi Rahman
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