Election is a Positive Boost for Indonesia’s Economy

Speaking at the Investortrust Economic Outlook 2024 in Jakarta on Thursday (25/1/24,) Susiwijono Moegiarso, Indonesia’s Secretary of the Coordinating Ministry for Economic Affairs said the 2024 General Elections will act as a positive impetus for Indonesia’s economic growth, according to reporting from Antara News.

“Economic growth in 2023 was quite strong, and we are optimistic it will be even better in 2024, as on February 14, 2024, we will hold the election, which will be a positive momentum for Indonesia,” he said, adding that the Indonesian economy managed to chart growth of above five percent for eight consecutive quarters until the third quarter of 2023.

Historically, he explained, the election period tends to boost domestic economic activity through government spending and other consumption, especially non-profit institutions serving households.

Antara News says that activities during the election period can increase the real gross domestic product (GDP) and speed up money circulation. Meanwhile, the government has development agendas for 2024 that are supported by the state budget (APBD) policy and has prepared a fiscal policy to accelerate national development targets and priorities as well as continuing the economic transformation agenda, such as downstreaming natural resources, mining, and food products.

“Our enthusiasm must be complemented by strategy and policy implementation that is supported by all parties. Therefore, synergy and collaboration must be maintained and strengthened because it will be the key to achieving the common goal of strong economic growth in Indonesia,” Moegiarso said.

Indonesia’s economic performance, with the controlled inflation rate, is considered strong compared to its peers, he said, pointing out that Indonesia’s inflation has been recorded far below the average inflation in developing countries, report Antara News.

He said that national economic solidarity is mainly supported by consumption and investment in gross fixed capital formation (GFCF), which has continued to grow positively.

 

Source: Antara News

Stock photo by Tom Fisk on Pexels

 

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