The number was higher than the 5.4 percent growth from the second quarter
The third quarter showed Indonesia’s fastest economic growth rate, growing 5.7 percent YoY on the back of improved investment and government spending, according to Reuters.
The number was higher than the 5.4 percent growth from the second quarter, but still relatively short of the 5.9 percent forecast.
Airlangga Hartarto, the country’s chief economic affairs minister, called this “impressive,” despite the risks looming on the horizon, saying that the government’s 5.2 percent objective for 2022 GDP growth is expected to be fulfilled, and strong domestic demand should buffer the economy from the impact of a slowdown in exports.
Gareth Leather, senior Asia economist at Capital Economics, said, “Economic growth in Indonesia accelerated in the third quarter, but this is likely to be as good as it gets,” adding, “We expect lower commodity prices, tighter monetary policy, and elevated inflation to drag on growth over the coming quarters.”
The Jakarta Post reported that the micro, small, and medium enterprises (MSMEs) industry is showing the most promise, and that Hartarto mentioned that it contributes over 61 percent of the country’s total GDP.
Many Indonesian-based businesses are glad to step up and offer MSMEs a bigger stage. Through the hyperlocal effort, Tokopedia, the leading e-commerce site in the country, aims to assist Indonesia’s 12 million business activists—nearly all of whom are regional MSMEs—in achieving economic success.
The goal of the hyperlocal project is to provide MSMEs with equal opportunities for growth and development throughout Indonesia, regardless of whether they were located in rural or urban regions. Additionally, customers will have access to a greater choice of goods they need quicker and more efficiently.
President Joko Widodo is aware of the growth of MSMEs despite economic uncertainty, according to Chief of the Presidential Staff Office (KSP) Moeldoko.
“Amid the uncertainty in global conditions, MSMEs and formal and informal sectors will remain our mainstay. Yet, Praise be to God, our economy fared relatively well despite the ongoing global crises,” said Moeldoko, reported ANTARA News.
The Property Report editors wrote this article. For more information, email: [email protected].
Sri Lanka a safe haven for investors
When Sri Lanka’s economy crashed this year, the country’s real estate sector—traditionally regarded as a relatively safe bet for investors—remained surprisingly immune to the devastation
Battle of the bases as Thailand and Indonesia calls on digital nomads
Southeast Asian countries like Thailand and Indonesia are introducing new long-stay visas as they compete for the increasingly valuable digital nomad demographic
A prelude to greatness: Thailand’s largest integrated district rises
Connectivity, sustainability, and technology coalesce at One Bangkok: an ambitious mixed-use undertaking that is the most far-reaching of Bangkok’s various megaprojects
Spluttering dragon: Crisis builds in China, yet shafts of light remain
Confidence has drained from China’s residential market with prices dropping and the central bank slashing rates to 14-year lows. But signs of recovery can be spotted in Beijing and a handful of large cities in the country