Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
A cargo port in Semarang, Central Java, Indonesia. Photo courtesy of Getty Images.
Regarding fiscal targets, the government aims to keep the budget deficit below 3%, with next year's deficit target set at 2.53%. Currently, efforts are focused on creating job opportunities for youth and developing new growth engines to support the middle class.
The Finance Ministry projects economic growth to reach 5.1% by the end of this year, slightly below the 5.2% target outlined in the 2024 state budget, but higher than the 5.05% recorded in 2023.
The Central Statistics Agency reported that Indonesia's economic growth for the second quarter of this year reached 5.05%. Meanwhile, the World Bank has upgraded its forecast for the country's GDP growth, projecting an average of 5.1% per year from 2024 to 2026. This revision marks an increase from the previous projection of 4.9% for both 2024 and 2025.
President Prabowo Subianto is aiming to achieve 8% GDP growth within the first three years of his presidency.
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