The government removed funds for handling COVID-19 and economic recovery in the 2023 State Budget to sign that the pandemic is over.
The government allocates Rp23.6 trillion for the National Capital City (IKN) Nusantara project in 2023, pursuing to complete the core area by 2024.
President Joko Widodo targets the 2023 State Budget (APBN) deficit to fall below three percent of GDP by suppressing spending and boosting tax revenue.
Statistics Indonesia (BPS) notes that Indonesia's trade surplus drops from US$5.15 billion to US$4.23 billion. Apparently, fuel imports significantly erode foreign exchange reserves.
The government will reduce infrastructure projects as the subsidy budget increases and contractor costs rise.
The Indonesian government introduces 13 new priority projects in various sectors. Infrastructure and telecommunications investors are welcome.
Indonesia’s economy expanded 5.44 percent year-on-year in the second quarter, exceeding market expectations. Government spending will be the driver of the economy in the second half.
The COVID-19 death rate has again entered an upward trend.
Indonesia’s manufacturing activities increased to a three-month high of 51.3 in July.
President Joko Widodo brought a US$6.72 billion investment commitment from South Korea, promising facilities and conveniences for investors.