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Indonesian Government Eyes Economic Rebound in 2023

June 15, 2020, 07.02 PM

JAKARTA, – The Indonesian government is eyeing an economic recovery in 2022 or 2023 that restores growth rates to levels before the Covid-19 pandemic.

The announcement was made by the Indonesian Coordinating Ministry of Economic Affairs on June 9.

The Special Advisor to the Coordinating Economic Minister, Raden Pardede, expects the economy to rebound to around 5 percent in 2023.

Read Also: Indonesian Trade Performance Nosedives Post-Ramadhan

The ministry needed to set an economic target in designing the policy to stimulate growth, he said during a video conference on June 9. "In 2022 or 2023, we should at least return to 5 percent growth.” 

The pandemic has battered the Indonesian economy, with growth slowing down to 2.97 percent in the first quarter of 2020.

During the same period last year, the Indonesian economy grew 5.07 while in the fourth quarter, it grew 4.97 percent.

Raden said he expected the Indonesian economy to have hit the negative zone in the second quarter this year as pressure from the pandemic built up.

Read Also: Indonesian Economy Projected to Shrink 3.9 percent If Second Wave Hits

Bank Indonesia Governor Perry Warjiyo has predicted the Indonesian economy to grow below 2.3 percent for all of 2020.

The slowdown of the Indonesian economy mirrors the trend in Asia. Singapore's economy is contracting 2.2 percent and South Korea is growing at only 1.3. 

Nonetheless, Raden expressed optimism that by 2023, the Indonesian government will be able to power the country’s economic performance.

The hope is that poverty and unemployment rates that worsened during the pandemic will eventually return to levels before Covid-19.

“If possible, job creation will also return to pre-Covid-19 levels that would create 1.5-2 million new jobs. The poverty rate must also return to 9 percent. As we all know, poverty and unemployment rates will skyrocket for the time being,” said Raden.

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