Airlangga Values Indonesia's Economy Is Better Than China, Malaysia And Singapore

Coordinating Minister for Economic Affairs Airlangga Hartarto said Indonesia's economy grew in the third quarter of 2023 to 4.94 percent year on year (yoy) and was still higher than many other countries.

"Indonesia is one of the countries that is growing strongly, and our growth is still higher when compared to other countries including China, Malaysia and even Singapore. Of course we are also above as Vietnam," he explained at a press conference, at his office, Jakarta, Monday 6 November.

For information, China's economic growth in the third quarter of 2023 was 4.9 percent on an annual basis, Malaysia grew 2.9 percent in the second quarter of 2023 and Singapore grew 0.7 percent in the same period.

Airlangga added that Indonesia's economic driving factor came from household consumption as reflected in the September 2023 Consumer Confidence Index (IKK) at the 121.7 level and gross fixed capital formation (PMTB).

On the other hand, Airlangga explained that the government continues to take anticipatory steps against various risks due to global uncertainty.

Especially in the current situation, where geopolitical tension is high due to the Israeli and Hamas conflicts, as well as increasingly worrying climate change.

"Various risks due to the latest global uncertainty stem from conflicts from the Middle East, namely Israel and Hamas, various international institutions that estimate economic growth is decelerating and climate change will disrupt food supplies," he explained.

Seeing the effects of tensions that have occurred before, Airlangga will continue to monitor how long tensions have occurred and see how much effect it has on commodity prices at this time.

"The risk of war, we are still monitoring because usually if there is tension, the ones affected are commodities including fuel and other commodities. However, because global economic growth has decreased, the effect of the increase is still strong," he said.