Illustration (Photo:Medcom.id/M Rizal)
Illustration (Photo:Medcom.id/M Rizal)

RI Likely to Miss Growth Target Due to Global Economic Slowdown

English indonesian economy (en)
Eko Nordiansyah, Christopher Harindra • 07 Januari 2020 17:49
Jakarta: The Ministry of Finance said that economic growth in 2019 is estimated at only 5.05 percent. Whereas in the 2019 State Budget (APBN), economic growth is targeted at 5.3 percent.
 
"The economic environment from the global and geopolitical side was still very dynamic throughout 2019," she said, in a press conference at the Ministry of Finance Office, Central Jakarta on Tuesday, January 7, 2020.
 
Even so, the government is trying to keep the global economic slowdown from having a significant impact on the national economy. For example, the government will continue to keep the people's purchasing power.

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According to the Central Statistics Agency (BPS), during 2019, annual inflation was recorded at 2.72 percent or lower than the target of 3.5 percent. Compared to the past 20 years, last year's inflation was the lowest.
 
"Our inflation is still relatively good. This is the lowest inflation for the past 20 years. It also supports the purchasing power of people which is maintained above five percent," she explained.
 
"Unfortunately oil lifting and prices were lower than expected. Our lifting from the oil and gas side in January to the end of the year was relatively lower," she added.
 
The average price of Indonesian crude oil (ICP) reached USD 63 per barrel last year, lower than the assumption of USD 70 per barrel. Meanwhile, oil lifting reached 741 thousand barrels per day, lower than the target of 775 thousand barrels per day. Meanwhile, gas lifting was only 1.05 million barrels of oil equivalent per day from the target of 1.25 million barrels of oil equivalent per day.
 

(WAH)
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