Global Economic Growth Will Weak, Head Of BKF Calls The State Budget Always Ready To Be 'Strengthening'

Photo: Doc. Antara

Head of the Fiscal Policy Agency (BKF) of the Ministry of Finance (Kemenkeu) Febrio Kacaribu said the State Revenue and Expenditure Budget (APBN) would remain a shock absorber or a shock damper amid the potential economic downturn in 2023.

"Indeed, in reality, we see that the projected economic growth for the global weakening already exists, we just prepare the economy in the future, and the APBN is always ready. As in 2022, the APBN will be a shock absorber," he said after the launch and socialization of the Integrated Institution Balance, quoted by Antara, Tuesday, November 22.

He said the APBN would remain directed at maintaining national economic recovery and protecting the poor and vulnerable from various global uncertainties.

As for various Indonesian economic activities, it is seen that Indonesia will remain strong in 2023, including public consumption and investment.

It's just that, he continued, the economy of export destination countries that have the potential to weaken in 2023 needs to be anticipated because it can reduce demand that has an impact on exports.

"It must be anticipated in 2023, so that even though we are faced with potential challenges for weakening the global economy, we must be more precise about what opportunities can still be maximized," said Febrio.

Meanwhile, national economic growth in the fourth quarter of 2022 is expected to experience normalization because the base of comparison, namely the economy in the fourth quarter of 2021, has started to grow positively.

"After the third quarter was good yesterday, in the fourth quarter we will see normalization compared to the third quarter," he said.

Economic growth in the third quarter of 2022 recorded a growth of 5.72 percent on an annual basis or higher than the previous quarter of 5.44 percent.