Indonesia's Economy to Grow 6 Percent Next Year : Forecast

Jakarta, 03 Ramadan 1437/08 June 2016 (MINA) – Indonesia’s national economic and industry committee (KEIN) has projected the country’s economy to expand by 6 percent in 2017 and 7 percent in 2018, compared with this year’s target of 5.3 percent growth, chairman of the committee disclosed here on Tuesday.

The estimate was made based on the potential of the country’s economy and resources, Soetrisno Bachir, chairman of the committee,was quoted by Xinhua as saying.

“Our natural, human and economic resources support to faster and qualified economic growth,” Soetrisno said at the State Palace on Tuesday evening.

Deputy Chairman of KEIN Arif Budiman revealed that some foreign countries, such as the Philippines, some African countries and India could expand their economies much faster despite of weakening global economy and conflicts.

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To reach the growth targets within the next two years, the KEIN proposes to the Indonesian government to spur the growth of investment, exports and consumption, Budiman said.

Besides, the growth of imports must decline to below the growth level of exports, he added.

President Joko Widodo, who came into office in October 2014, has conducted massive infrastructure projects as he aims to pursue over 7 percent GDP growth at the end of his five-year term.

A raft of economic stimulus packages, including deregulation, tax incentives and simplification of procedures for having business licenses, has been issued in a bid to lure foreign capitals and spur economic growth. (T/R07/R01)

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Mi’raj Islamic News Agency (MINA)