Jakarta. President Joko "Jokowi" Widodo claimed on Wednesday that Indonesia is recovering from the Covid-19 pandemic stronger than most countries worldwide as he unveiled more optimistic macroeconomic projections for the coming year.

During his annual address to the House of Representatives, Jokowi said that the pandemic has resulted in the loss of 6.9 million lives globally and inflicted a staggering $2 trillion blow to the global economy since early 2020.

"Indonesia stands among a few nations whose economies have undergone rapid, consistent, and inclusive recovery. Over the past seven quarters since late 2021, our economic growth has consistently surpassed the 5 percent mark," Jokowi said.

Moreover, he highlighted that the unemployment rate has dropped from 6.26 percent in February 2021 to 5.45 percent in February 2023. Simultaneously, the poverty rate has descended from its peak of 10.19 percent in September 2021 to 9.36 percent in March 2023.

"The robust and swift economic resurgence has propelled Indonesia back into the ranks of upper-middle-income countries in 2022," he added.

Building on this positive trajectory, the current year has maintained its momentum, recording manageable inflation at 3.1 percent as of July, while the fiscal deficit remains below 3 percent of the gross domestic product.

"Indonesia has one of the lowest debt-to-GDP ratios among the G20 and ASEAN nations. This ratio has declined from 40.7 percent in 2021 to 37.8 percent in July 2023. By way of comparison, Malaysia's debt-to-GDP ratio stands at 66.3 percent, China's at 77.1 percent, and India's at 83.1 percent," Jokowi said.

Looking ahead to 2024, the government has projected a 5.2 percent expansion for the economy, coupled with a targeted inflation rate of 2.8 percent.

The projected average exchange rate for the rupiah stands at Rp 15,000 to the dollar. Indonesia's oil production is anticipated to reach 625,000 barrels per day, priced at $80 per barrel in the global market.

The state budget for the upcoming year has been formulated with a deficit of Rp 522.8 trillion, derived from a projected revenue of Rp 2,781.3 trillion.