High Oil Prices Put 2023 Deficit Target at Risk

By Editorial Team 05/10/2022
energy subsidy
Summary

Finance Minister Sri Mulyani claimed that Indonesia managed to keep the budget deficit at a low level amid the post-pandemic economic recovery. Indonesia's deficit during the pandemic in 2020-2021 was only 10.7 percent of the Gross Domestic Product (GDP).

Apparently, the figure was much lower than those of other countries such as the United States (US), India, and the UK, at more than 20 percent of their GDPs in two years of the pandemic. "This means that Indonesia can use the state budget effectively, efficiently, carefully, and measuredly as a policy instrument in overcoming the impact of the pandemic and recovering the economy," Sri Mulyani elaborated.

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