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NEWS UPDATES Asean Affairs  24 September 2010

Indonesia may set higher GDP target

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With stronger signs of global economic recovery, and a stronger local economy, Indonesia can rexpect higher gross domestic product (GDP) growth next year, a senior economic minister has said.

Coordinating Economic Minister Hatta Rajasa said in Jakarta that the higher economic growth target seemed achievable with a surge in investments and exports along with a rise in domestic consumption.

In the debate, the government and the House agreed to raise the GDP growth target to 6.4 percent up from 6.3 percent, to revise the rupiah exchange to Rp 9,200 per US dollar from Rp 9,300 and to increase the tax-to-GDP ratio to 12.05 percent from 12 percent. The projected inflation and Bank Indonesia (BI) rates are maintained at 5.3 percent and 6.5 percent, respectively.

Finance Minister Agus Martowardojo said during the debate that Indonesia's economy showed quite solid growth during the last five years.

Hartadi A Sarwono, Bank of Indonesia's deputy governor, opposed the idea that a 6.4 percent economic growth rate could overheat the Indonesian economy. "We can still pursue the target by increasing exports," he said, taking an example. External stimulus, he said, would be important taking into account the improved global economy as shown by encouraging figures from the US and from some EU countries.

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