2 months ago
38
November 19, 2024 | 07:05 pm
TEMPO.CO, Jakarta -The Indonesian Trade Ministry targets export growth to reach 9.64 percent in the next five years to support President Prabowo Subianto's target of achieving 8 percent economic growth.
Head of Trade Policy Agency Fajarini Puntodewi said the World Bank and the International Monetary Fund (IMF) have predicted that global economic growth will reach 3.2 percent next year. This figure is down from the previous prediction of 3.3 percent, but up from this year's forecast of 3.1 percent.
Indonesia's economic growth is also predicted to slightly increase from 5 percent this year to 5.1 percent next year. "Although we know 5 percent is needed in the current situation, we need to push it as hard as possible," said Fajarini in the Gambir Trade Talk at Hotel Borobudur, Jakarta, on Tuesday, November 19, 2024.
With the target of 8 percent economic growth, the Ministry of Trade has conducted calculations. Fajarini said the institution has set the export growth target at 7.1 percent with a value of US$294.45 billion next year. The economy is targeted to grow by 5.6 percent this year.
In four years, exports are targeted to grow by 7.09 percent or the equivalent of US$315.31 billion; 7.89 percent or US$340.20 billion; 8.77 percent or US$370.04; and 9.64 percent or US$405.69 billion.
Meanwhile, economic growth is sequentially targeted to increase from 5.06 percent to 5.79 percent in 2026; 6.53 percent in 2027, 7.26 percent in 2028, and 8.00 percent in 2029.
"This is quite an extraordinary target because from January to October this year, exports increased by 1.3 percent, which is good compared to the previous period of 0.3 percent," said Fajarini.
Deputy for Economic Affairs of the Ministry of National Development Planning/Bappenas Amalia Adininggar Widyasanti said the government will accelerate economic growth to 8 to 8.3 percent in the third year and 7.8 percent in the fourth year. Therefore, an average growth of 7.7 percent can be achieved in five years.
Amalia said the free nutritious meal program that will be implemented in President Prabowo Subianto's administration will boost economic growth. "In the short term, the Free Nutritious Meal program can boost economic growth by absorbing local products and thus stimulate aggregate demand," said Amalia on Wednesday, October 16, 2024.
Adil Al Hasan contributed to the writing of this article.
Editor's Choice: Indonesia's Economic Growth Slows Down to 4.95% in Q3 of 2024, BPS Says
Click here to get the latest news updates from Tempo on Google News
Indonesia to Review Export Levies for Crude Palm Oil
23 jam lalu
The Indonesian government is considering a review of the export levy on Crude Palm Oil (CPO).
Indonesia, Uruguay Agree to Strengthen Bilateral Cooperation
1 hari lalu
The bilateral trade value between Indonesia and Uruguay from 2020 to 2022 nearly doubled from US$44.8 million to US$81.5 million.
Prabowo Says Current Priority is Improving National Economy
1 hari lalu
Prabowo departed for his first official overseas tour as Indonesia's president on November 8.
New Zealand PM Praises Prabowo for the Release of Susi Air Pilot
3 hari lalu
Indonesian President Prabowo and New Zealand PM discuss opportunities to enhance cooperation between the two countries.
Indonesia to Ban Export Permit of Copper Concentrate Next Year, Expected to Lose Rp10 Trillion Income
7 hari lalu
Indonesia is expected to lose Rp10 trillion in export duty revenues from the policy banning the export of copper concentrate next year.
200 Canada's Trade Delegates to visit Indonesia in December
11 hari lalu
A trade mission from Canada consisting of 200 delegates will visit Indonesia next month. This month, the two countries are holding the 10th round of ICA-CEPA negotiations.
Asia Braces for Strenuous Trade Relations After Donald Trump's Victory
12 hari lalu
Indonesia and Asia are expected to face more difficulties entering the U.S. market after Donald Trump's electoral victory.
Donald Trump's Victory May Have Negative Impact on Indonesia, Says Expert
12 hari lalu
An expert opined that Donald Trump's "America First" policy could exacerbate international trade protectionism which would adversely affect Indonesia.
Construction Sector Grows, BPS: IKN Contributes
14 hari lalu
Former Minister of Public Works and Housing Basuki Hadimuljono stated that Prabowo intends to continue the development of IKN.
Indonesia's Economic Growth Slows Down to 4.95% in Q3 of 2024, BPS Says
14 hari lalu
Economic growth next year is also expected to stagnate at 5.1 percent.
