Economic Affairs Minister Claims Indonesia’s Economic Growth Surpasses Singapore, US

Economic Affairs Minister Claims Indonesia’s Economic Growth Surpasses Singapore, US, Jakarta – The Coordinating Minister for Economic Affairs Airlangga Hartarto revealed that Indonesia’s economic growth in the second quarter of 2023 reached 5.17%, increasing 3.86% from the last quarter.

Airlangga mentioned that the growth surpassed Singapore and the US. “Our (economic) growth is only below China by 6.3% and Uzbekistan by 5.6%. Several other countries such as Vietnam, the US, Singapore, and Germany are still experiencing contraction,” said Airlangga during a press conference in Jakarta, on Monday, August 7, 2023.

In addition, Indonesia’s 3.08% inflation rate in Ju;y 2023 is better than Germany’s 6% inflation rate, and Turkey’shyper-inflation of 47% inflation rate.

With these achievements, said Airlanga, Indonesia is re-entering the middle-upper-income country group. “According to World Bank’s data at the end of July 2023, our GDP is on US$4,580,” said Airlangga.

Furthermore, Airlangga also reported that according to the data from Institute of Management Development (IMD), Indonesia’s economic competitiveness rose 10 levels from rank 44 to rank 34 in 2023.

Four other economic components also experienced improvements, such as economic performance, business efficiency, government efficiency, and infrastructure.

Airlangga is certain that Indonesia’s economic growth could reach 5.3% in the third quarter of 2023.

To achieve growth, the government will boost government spending from infrastructure to agricultural programs. “We will boost them since these are the multipliers, the effect (of these programs) is clear,” Airlangga concluded.


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