Indonesia sets 5.3% 2023 GDP growth target

Indonesia’s government and parliamentary budget committee have agreed to set a 2023 economic growth target of 5.3%. The committee’s chair Said Abdullah said both also agreed on 2023 spending of IDR3,061.2tr (USD205bn), slightly higher than the proposed budget. The chair said both will discuss details of the spending further before taking it to a wider parliamentary vote. He said they still have not discussed regional spending details. The wider parliamentary vote is required for the 2023 budget approval, which would typically take place later in September or in October. The government has previously said it will make its budget healthier by reducing its deficit below 3% of GDP next year as required by law.