Indonesia's Economy Outperforms China But Loses To Malaysia, Coordinating Minister Airlangga: Usually Wins

Coordinating Minister for the Economy Airlangga Hartarto (photo: between)

Coordinating Minister for Economic Affairs Airlangga Hartarto responded to the latest data from the Central Statistics Agency (BPS) which showed that Indonesia's economic growth in the second quarter of 2024 reached 5.05 percent on an annual basis or year on year (yoy).

Indonesia's economic growth in the second quarter of 2024 is lower than Malaysia which is at 5.8 percent yoy.

Airlangga claimed that so far Indonesia's economic growth has always been above Malaysia.

"The problem is that they usually win," he said after a press conference at his office, Monday, August 5.

Even so, Airlangga said that Indonesia's economic growth was still better than other countries. Such as China, Singapore, South Korea to Mexico.

"In the midst of global uncertainty, our economic fundamentals are good. In the second quarter we grew 5.05 percent, compared to China we were still higher, China 4.7 percent. Meanwhile, Singapore 2.9 percent, South Korea 2.3 percent and also related to Mexico 2.24 percent," he said.

He added that the economic growth was also supported by controlled inflation of 2.13 percent. According to Airlangga, household consumption is also well controlled.

"If we look at household consumption compared to the first quarter (2024) it increased from 4.91 percent to 4.93 percent," he said.