Indonesian govt. channels attention on bolstering domestic consumption

id domestic consumption, Sri Mulyani

Indonesian govt. channels attention on bolstering domestic consumption

Finance Minister Sri Mulyani Indrawati addressed the press after attending the inauguration of members of the State Audit Board (BPK) at the Supreme Court Building in Jakarta on Thursday. ANTARA/Dewa Wiguna

Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati echoed the government’s stance to make concerted efforts to encourage domestic consumption to maintain the nation’s economic growth amid a slowdown in the global economy.

"As long as domestic demand remains quite strong, we will be able to neutralize it," she affirmed after attending the inauguration of members of the State Audit Board (BPK) at the Supreme Court Building in Jakarta on Thursday.

To this end, the government will leave no stone unturned in ascertaining that domestic demand will not come under pressure due to the global economic situation, she emphasized.

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The Central Statistics Agency (BPS) had announced earlier that household consumption contributed 56 percent of the national gross domestic product (GDP).

In the meantime, the International Monetary Fund (IMF) lowered its global economic growth forecast for 2019 to three percent, down 0.2 percentage point from its earlier estimation.

According to the IMF, the trade war and geopolitical tensions had fueled a global economic downturn.

In response to the situation, the finance minister stated that the IMF had taken into account the risks that both developed and developing nations had run.

"Hence, we must be wary of the external condition. Our exports still come under pressure, and this will undoubtedly affect growth," she cautioned.

The government has forecast this year’s national economic growth at five percent.

In the meantime, the Indian economy is projected to grow 6.1 percent, down from the earlier forecast of 7.3 percent. On the similar lines, the Chinese economy is expected to record a below six-percent growth.
 

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Editor: Achmad Zaenal M
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