APSN Banner

Sri Mulyani: Indonesia still has a long way to go to achieve high-income status

Tempo - July 11, 2023

Moh Khory Alfarizi, Amelia Rahima Sari, Jakarta – Indonesian Finance Minister Sri Mulyani Indrawati commented on Indonesia's reclaimed upper-middle-income status as assigned by World Bank. She said that this is thanks to economic development.

"The national income per capita reaches USD 4,580. The threshold is USD 4,466 per capita," Sri said in a working meeting with the House's Budget Committee at the Parliament Building, Central Jakarta, on Monday, July 10, 2023.

Minister Sri said that Indonesia presents positive and good development but still has a long way to go to achieve high-income status. "Therefore, we must continue to maintain the economic performance, including stabilizing prices," she emphasized.

News about Indonesia being again listed in the group of upper-middle-income countries was revealed by President Joko "Jokowi" Widodo.

"This is a rapid recovery process after we were relegated back to the lower-middle income countries' group due to the COVID-19 pandemic in 2020," the President said when opening a cabinet meeting at Jakarta State Palace on Monday, July 3, 2023.

Sri also reminded that Indonesia would face challenges in the second half of 2023 given global instability and ongoing geopolitical tensions.

"This affects economic growth and lagging trade activity which can be seen from our weakening exports. And then, various international institutions predict a global economic slowdown. We have to really look over it," Jokowi asserted.

Source: https://en.tempo.co/read/1746548/sri-mulyani-indonesia-still-has-a-long-way-to-go-to-achieve-high-income-statu