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Prabowo sets ambitious 8 pct economic growth target for Indonesia

Jakarta Globe - March 5, 2024

Arnoldus Kristianus, Jakarta. Defense Minister Prabowo Subianto predicts that Indonesia's economic growth could reach 8 percent in the next 3-5 years, emphasizing the need for increased investment to achieve this goal.

"Our growth is commendable, yet challenges lie in management and efficiency. However, I am highly optimistic. Globally, Indonesia is recognized as one of the most dynamic and attractive countries. Hence, substantial investments are crucial," said Prabowo, the potential successor to President Joko "Jokowi" Widodo, during the Mandiri Investment Forum 2024 at the Fairmont Hotel, Jakarta, on Tuesday.

According to data from the Central Statistics Agency (BPS), Indonesia's economy grew by 5.05 percent in 2023. The government predicts the economy to grow by 5.3 percent this year and 5.6 percent next year.

Prabowo asserted that Indonesia's economy has endured various tests, successfully overcoming multiple economic crises throughout its history.

"Our economy encompasses all facets and is acknowledged as one of the best globally. Even amid global crises and uncertainty, Indonesia has consistently triumphed since its independence," expressed Prabowo.

Prabowo said to stimulate economic growth, a collaborative approach is being employed, ranging from micro, small, and medium-sized enterprises (MSMEs) to upper-middle-class entrepreneurs. Presently, MSMEs contribute up to 60 percent to the GDP.

"We will continue the initiatives set forth by previous presidents, building upon President Jokowi's efforts. Consequently, with escalating demand and increased purchasing power, the economy will thrive," Prabowo concluded.

In comparison, the International Monetary Fund (IMF) forecasts Indonesia to achieve a growth rate of 5 percent for the current year and the following year. Meanwhile, the World Bank predicts the growth rate to be 4.9 percent in 2024 and 2025.

Source: https://jakartaglobe.id/business/prabowo-sets-ambitious-8-pct-economic-growth-target-for-indonesi