Indonesia’s Q1 GDP forecast to grow lower than 5.01 pct
Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year despite the government's efforts to boost buying power and exports.
Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year. (Source: asia-first.com)
Jakarta (VNA)- Indonesia's economy is forecast to grow at a slower rate in the first quarterof this year despite the government's efforts to boost buying power and exports.
Indonesian ChiefEconomic Minister Darmin Nasution said on March 19 that he estimated thecountry's gross domestic product (GDP) in the first three months will growlower than 5.01 percent, the pace recorded in the same period last year.
Nasution explained thatthe country's harvest season of rice will take place in April, instead ofMarch, reducing contributions of the farming sector to the national economy.
The government hasdecided not to raise fuel price in the first quarter and would keep electricityprices steady by year end, in an effort to boost people’s buying power in thecountry where consumption accounts for over half of GDP growth.
Nasution said creditgrowth which has yet to completely recover in the period will affect theperformance of the retail sector as well as its contributions to the nationaleconomy.
He added that slowdemand of loans indicates the economy's slowing growth. In February, loangrowth was recorded at 8 percent year-on-year.
Official statistics inFebruary 2018 revealed that Indonesia’s economy grew 5.1 percent in 2017, aslight increase as compared with 5.0 percent in 2016 in the context thatIndonesia’s central bank cut interest rates. However, many experts have notpinned high hope on high economic growth this year.
The economy in the fourth quarter of 2017expanded higher than the forecast thanks to a pick-up in private consumption,government spending and investment growth, which more than offset a pullback innet exports, said Gareth Leather, senior Asia economist at research houseCapital Economics.
Leather said Indonesia's economic growth waslikely to remain at around 5.0 percent this year and in 2019. - VNA
Indonesia has ratified a historic maritime agreement pertaining to an EEZ with the Philippines to safeguard the two countries’ maritime security from threats such as the Abu Sayyaf group.
Indonesia earned 11.64 billion USD from export in June, in comparison to the same period last year’s 12.92 billion USD overseas shipment, according to the national statistics bureau.
Indonesia’s central bank (Bank Indonesia) on August 22 unexpectedly cut its policy interest rate to 4.5 percent from 4.75 percent as the Southeast Asia’s biggest economy is seeking to boost economic growth.
International Monetary Fund (IMF) Managing Director Christine Lagarde has called on Indonesia to boost growth to create more jobs for its growing labour force.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Indonesia's economy is forecast to grow at a slower rate in the first quarter of this year. (Source: asia-first.com)
