The Indonesian President, Prabowo Subianto, announced a fiscal deficit target range of 1.8 per cent to 2.4 per cent of GDP for next year, aiming for economic growth as high as 6.5 per cent. He also emphasized the importance of managing the country's vast natural resources to bring benefit to the population.
The president's remarks come amid increased scrutiny of Indonesia's US$1.4 trillion economy, with Moody's and Fitch earlier this year cutting their respective credit rating outlooks for the country.
Indonesian President Prabowo Subianto announced on Wednesday (May 20) a fiscal deficit target range of 1.8 per cent to 2.4 per cent of gross domestic product (GDP) for next year, with the aim of achieving economic growth as high as 6.5 per cent. In a rare address to parliament, Prabowo also stressed the importance of ensuring Indonesia's vast natural resources bring benefit to its 280 million people, adding they were enough to provide welfare for all if properly managed.
Prabowo's target for the 2027 fiscal deficit is sharply lower than the finance ministry's outlook for this year of 2.9 per cent of GDP as of April, which has factored in the impacts of the Middle East conflict
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