Jakarta. Indonesia's economy expanded by 5.17 percent in the second quarter of 2023, continuing its robust recovery following the Covid-19 pandemic and positioning the nation among the world's top-performing economies in key indicators, Chief Economic Minister Airlangga Hartarto said on Monday.

This latest data marks the seventh successive quarter in which the economy has grown by over 5 percent. The accumulated growth for the first half of the year reached 5.11 percent, leading Indonesia to regain its status as an upper-middle-income country, Airlangga announced at a press conference in Jakarta, citing the latest World Bank figures.

"Among the countries that have reported their economic growth for the second quarter of 2023, only China, Uzbekistan, and Indonesia have achieved growth exceeding 5 percent. Indonesia's economic expansion surpasses that of Vietnam, the United States, Singapore, and even Germany," Airlangga said.

This performance has also exceeded analysts' projections of an economic slowdown, addressing concerns related to the decreasing prices of key commodities such as crude palm oil and mining products, which constitute the foundation of Indonesia's exports, he added.

Furthermore, Indonesia has experienced a remarkable 10-spot jump in its global competitiveness ranking, reaching 34th place – the most significant gain in the world, according to a report by the Institute for Management Development, the minister further noted.

Airlangga attributed this rapid enhancement in Indonesia's competitiveness to a more streamlined bureaucracy, an improved business climate, and enhanced infrastructure.

"Our anticipated annual economic growth for 2023 is projected to reach 5.3 percent, as stipulated in the state budget, with the third quarter expected to be a pivotal driving force," he concluded.