Thursday, December 7, 2023

Indonesia’s GDP Projected to Grow 5.2 Pct Next Year

Jayanty Nada Shofa
August 16, 2023 | 7:43 pm
President Joko "Jokowi" Widodo delivers his annual budget speech at the Parliament Complex
President Joko "Jokowi" Widodo delivers his annual budget speech at the Parliament Complex's Nusantara Building in Jakarta on Aug. 16, 2023. (Antara Photo/Galih Pradipta)

Jakarta. President Joko “Jokowi” Widodo said Wednesday that Indonesia’s economy would expand by 5.2 percent in 2024 when 204 million Indonesian voters will cast their votes for the next leader.

Jokowi has also proposed spending of Rp 3,304.1 trillion (around $216 billion) and revenue of Rp 2,781.3 trillion for next year. Indonesia hopes to keep the budget deficit within 2.29 percent of the country's gross domestic product (GDP).

“Our economy is forecast to see a 5.2 percent growth next year. We will continue to maintain macroeconomic stability,” Jokowi said when delivering his annual budget speech in Jakarta on the eve of Indonesia’s Independence Day anniversary.

“We will keep inflation in check at 2.8 percent,” Jokowi said.


According to Jokowi’s budget plans, the education sector will get Rp 660.8 trillion to spend. This makes up 20 percent of the 2024 state budget.

The government will earmark Rp 493.5 trillion for social protection programs. About Rp 186.4 trillion will go to the health sector as Indonesia tries to lower its stunting prevalence to 14 percent next year.

“We will allocate Rp 422.7 trillion for the infrastructure sector,” Jokowi said, while adding that the government would spend a portion of the money to build strategic projects, including Indonesia’s new capital city Nusantara. 

Indonesia will set aside Rp 108.8 trillion to enhance the country’s food security. It will prioritize the money to stabilize food prices and improve domestic production, among others.

Civil servants, police, and military personnel will enjoy an 8 percent rise in salaries next year. The government will also give a 12-percent increase in pension funds to retired civil servants’ pensions.

“[The salary rise] will hopefully boost performance, while also expediting economic transformation and national development,” he said.

Read More: Jokowi Aims Per Capita Income to Hit $25,000 in 2 Decades

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