Indonesia can achieve 8% growth, President-elect Prabowo says

Indonesia can achieve 8% growth, President-elect Prabowo says
Indonesian Defence Minister and President-elect Prabowo Subianto talks with Japanese Defence Minister Minoru Kihara (not pictured) at the start of their talks at the Defence Ministry in Tokyo, Japan, April 3, 2024.
PHOTO: Kimimasa Mayama via Reuters file

JAKARTA — Indonesia can easily achieve eight per cent economic growth, President-elect Prabowo Subianto told the Qatar Economic Forum on Wednesday (May 15), and he said the country is not protectionist.

Prabowo is set to assume leadership of Southeast Asia's largest economy of 270 million people in October, having pledged eradicate poverty and to continue his predecessor President Joko Widodo's policy of processing natural commodities onshore.

Speaking at the forum, Prabowo said Indonesia could "easily achieve" eight per cent economic growth within two to three years.

Indonesia's economy grew an annual 5.11 per cent in the January-March quarter, the highest growth rate in three quarters, government data showed earlier this month.

Prabowo said he would uphold the tradition of "prudent fiscal management", saying he intended to keep the fiscal deficit ceiling at three per cent of gross domestic product (GDP).

"It's a matter of refocusing and cutting down the waste, cutting down the allocation to non-essential activities," he said. "Now I think it's time to be more daring within good governance."

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