Having succeeded in scoring very bright achievements, economic growth in the Republic of Indonesia (RI) continues to reach above 5%, namely at 5.17% in the second quarter of 2023 even in the midst of a global recession. This success was even able to outperform many other developed and large countries in the world.
The trend of growth in the economic sector in the country continues to experience sustainability until it reaches the second quarter of 2023. It is known that the national economy is still maintained even though the world is actually being hit by prolonged economic uncertainty since the beginning of the year.
In this regard, data from the Central Statistics Agency (BPS) shows that the level of economic growth in Indonesia even reached 5.17% (percent) in the second quarter of 2023. The availability of data on economic growth figures is even higher than how projected by most Indonesian economists.
Previously, it was also known that one of the Senior Economists from PT Bank Mandiri (Persero) Tnk, Faisal Rachman stated his prediction that economic growth in Indonesia would only be at 5.04 percent. Then, the opinion of other observers such as the Chief Economist from PT Bank Permata Tbk, Josua Pardede actually stipulates that Indonesia’s economic projection will be at only 5 percent.
However, it turns out that the predictions of these experts missed, where the data shows that the rate of national economic growth in Indonesia can exceed all of these predictions. With the accelerated economic growth, which could even be higher than the actual figure, this is a very good sign that the economy in Indonesia is indeed very well maintained.
Even though in fact the global economy continues to experience extraordinary upheavals, in fact Indonesia is able to prove to all countries in the world that the country is able to maintain its economic growth and is not at all affected by this uncertainty.
The Coordinating Minister (Menko) for the Economy Airlangga Hartarto explained that the existence of an economic growth rate that was even higher than how the projections put forward by a number of economists was indeed a very positive thing.
The world is currently not doing well, but Indonesia has been able to provide resistance and respond very well, because the government’s policies in anticipating the global economic crisis have been implemented long ago.
It’s not half-hearted, it’s not only able to exceed the projections made by economists, but the realization of economic growth in Indonesia can also outperform the realization of other countries. The data shows that the economic growth rate in Indonesia is even better than neighboring countries and also the economies of other major countries in the world.
When compared with the economic growth conditions of other countries, it is clear that Indonesia is very strong. Although not all countries have officially announced the realization of their economic growth in the second quarter of 2023, several neighboring countries such as Singapore and Vietnam have officially released the data, which shows that the economy in Singapore only reached 0.70 percent. then for Vietnam it was only recorded at 4.14 percent.
Ironically, other big countries in the world, such as the United States (US), only recorded their economic growth of 2.70 percent. Then South Korea with economic growth of 0.87 percent, Saudi Arabia 1.10 percent, France 0.40 percent and even Germany experienced an economic contraction with a rate of -0.62 percent.
When looking at the figures for economic growth in the second quarter of 2023, the Government of the Republic of Indonesia (RI) is still very optimistic that the economic growth target can reach 5.3% (percent) throughout 2023. Therefore, the government itself will also continue to boost economic growth, one of which is by increasing the level of government spending.
Meanwhile, the Minister of Finance (Menkeu) Sri Mulyani Indrawati admitted that she was very happy with the release of data related to the achievement of the realization of economic growth in Indonesia. He explained that in seven consecutive quarters and added to it the world was experiencing shocks, but the country managed to score economic growth which was always above 5 percent.
He then explained that the success of Indonesia’s economic growth in the second quarter of 2023 was also due to the contribution of household consumption which grew high, reaching 5.23 percent. This success was also due to the fact that the government was able to reduce inflation, maintain people’s purchasing power and also have consumer confidence.
The global recession itself is still happening and continuing, which has even resulted in many developed and other large countries falling greatly in terms of their economic growth. However, even though the shocks in the world have become increasingly devastating, in fact Indonesia has become one of the countries that has not been affected at all, and has even continued to make glorious achievements.