Indonesia Needs New Boosters to Reach 8% Economic Growth

Arnoldus Kristianus
October 30, 2024 | 8:18 pm
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Chief Economic Minister Airlangga Hartarto attends the 2023 Economic Outlook forum hosted by B Universe in Jakarta on Feb. 14, 2023. (B Universe Photo/David Gita Roza)
Chief Economic Minister Airlangga Hartarto attends the 2023 Economic Outlook forum hosted by B Universe in Jakarta on Feb. 14, 2023. (B Universe Photo/David Gita Roza)

Jakarta. Indonesia must find new drivers of economic growth to achieve the targeted 8 percent growth rate within the next five years, Chief Economic Minister Airlangga Hartarto said on Wednesday.

Airlangga noted that President Prabowo Subianto’s ambitious target is achievable if the country diversifies its economic base and creates new opportunities.

“It’s not impossible to reach that target, as we averaged 7.3 percent growth from 1986 to 1997, even hitting 8.2 percent in 1995,” Airlangga said at the Indonesia Sharia Economic Festival at the Jakarta Convention Center.

He added that the current administration can draw lessons from the past period of consistent economic growth and adapt them to today’s conditions.

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Adopting new technologies and innovations is essential for accelerating growth and advancing Indonesia toward high-income status, Airlangga added.

Vice Minister of Finance Thomas Djiwandono mentioned energy security, digitalization, and the industrialization of mining commodities as key pillars for achieving sustainable and resilient growth.

“These three themes will form the foundation for long-term economic expansion as we seek new engines of growth,” Thomas said at the same event.

Tourism also offers significant potential for economic expansion, as many of Indonesia’s tourist destinations remain underdeveloped.

Thomas added that the Prabowo administration is committed to continuing the previous government’s legacy under Joko Widodo, who prioritized nationwide infrastructure development and expanded economic activities to make Indonesia more appealing to global investors.

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