The Indonesian government strives to bring the country's economy to grow to 5.6 percent in 2020 (Photo by Indonesia's Coordinating Economic Ministry)Jakarta (VNA) – The Indonesiangovernment has set an economic growth target of 5.6 percent in 2020, up fromthe 5.3 percent targeted this year, said Coordinating Minister for the EconomyAirlangga Hartarto.
The figure is mainly supported byinvestment and exports, which are expected to increase by 7.0-7.4 percent and5.5-7.0 percent, respectively.
On the supply side, economic growth isexpected to be supported by the industrial sector which will increase between5.0-5.5 percent. The unemployment rate is expected to fall to 4.8-5.0 percent,accompanied by a reduction in the poverty rate of between 8.5 and 9.0 percent.
In a speech at the 2019 US-IndonesiaInvestment Summit in Jakarta on November 21, Hartarto said the government hasmapped out strategies and priorities to be made to face economic challenges in2020, both internally and externally, to achieve the target.
The Indonesian government will increaseeconomic growth through structural transformation to strengthen domestic demandand international trade performance.
It will maintain macroeconomic stability bypositioning domestic prices and the exchange rate at a stable and competitivelevel. It will also increase an inclusive and sustainable economy.
He affirmed that increasing competitivenesswill also be a focus, adding that sustainable economic growth is needed to riseabove the poverty line and encourage human development.
The minister revealed that economic stabilityhas a positive impact on investment attraction. Based on data from the BankIndonesia, the capital and financial account recorded a surplus of 7.6 billionUSD in the third quarter of 2019. The country’s balance of payments recorded acontrolled deficit of 46 million USD in the period, well below the deficit of 2billion USD in Q2.
The balance of payments is also supportedby the current account deficit which is managed at 2.7 percent of grossdomestic product./.
The figure is mainly supported byinvestment and exports, which are expected to increase by 7.0-7.4 percent and5.5-7.0 percent, respectively.
On the supply side, economic growth isexpected to be supported by the industrial sector which will increase between5.0-5.5 percent. The unemployment rate is expected to fall to 4.8-5.0 percent,accompanied by a reduction in the poverty rate of between 8.5 and 9.0 percent.
In a speech at the 2019 US-IndonesiaInvestment Summit in Jakarta on November 21, Hartarto said the government hasmapped out strategies and priorities to be made to face economic challenges in2020, both internally and externally, to achieve the target.
The Indonesian government will increaseeconomic growth through structural transformation to strengthen domestic demandand international trade performance.
It will maintain macroeconomic stability bypositioning domestic prices and the exchange rate at a stable and competitivelevel. It will also increase an inclusive and sustainable economy.
He affirmed that increasing competitivenesswill also be a focus, adding that sustainable economic growth is needed to riseabove the poverty line and encourage human development.
The minister revealed that economic stabilityhas a positive impact on investment attraction. Based on data from the BankIndonesia, the capital and financial account recorded a surplus of 7.6 billionUSD in the third quarter of 2019. The country’s balance of payments recorded acontrolled deficit of 46 million USD in the period, well below the deficit of 2billion USD in Q2.
The balance of payments is also supportedby the current account deficit which is managed at 2.7 percent of grossdomestic product./.
VNA
