Jakarta: Chairperson of the Indonesian Chamber of Commerce and Industry (Kadin) Rosan Perkasa Roeslani said that entrepreneurs cannot expand their businesses amid economic slowdown. Economic growth in the third quarter of 2019 was recorded at 5.02 percent (yoy).
"What is the essence of business world? supply and demand. Once the demand is weak, we cannot expand. However, we believe we can endure it," he said at the Kempinski Hotel, Jakarta on Tuesday, November 5, 2019.
According to him, business expansion plans can only be carried out during an economic boom. However, the country's economic growth cannot be predicted if the global economy is still plagued by uncertainties.
Kadin has advised the government to improve Indonesia's manufacturing industry. Kadin believes the policy will push the country's GDP higher.
"Countries that are part of the global value chain can have higher (economic growth)," he remarked.
Indonesian economy grew 5.02 percent year-on-year in the third quarter of 2019. The country's GDP growth reached 5.04 percent in the firt three quarters of the year.
Last quarter, on the basis of the current price, Indonesia's GDP reached Rp4,067.8 trillion. In the meantime, on the basis of the constant price, the country's GDP reached Rp2,818.9 trillion.
In terms of production, the highest growth was achieved by Other Services Activities at 10.72 percent. From expenditure side, the highest growth was achieved by Non-Profit Institutions Serving Households (LNPRT) Consumption Expenditure at 7.44 percent.