Indonesia’s economy has experienced significant growth in the first quarter, with a GDP growth of 5.11 percent year-on-year, surpassing market expectations. Finance Minister Sri Mulyani highlighted that the quality of economic growth had improved, with a decrease in the unemployment rate. She attributed this to household spending that increased due to low inflation, economic activities during Ramadan, and bonuses given during Idul Fitri.
Despite global uncertainties, Indonesia’s economy remained resilient according to the minister. The government plans to use the state budget to maintain economic stability and further boost growth. This 5.11 percent growth in the first quarter was higher than previous quarters in 2023 and exceeded forecasts from Moody’s Analytics and economists polled by Reuters.
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