Jakarta (ANTARA News) - The government has built the foundation of Indonesias economy for four years to enable it to emerge as a productive and competitive nation, President Joko Widodo remarked.
The president, commonly known as Jokowi, said here on Monday that Indonesia still faces challenges to compete with other countries due to the lack of improvement in the economic foundation.
In four years, the governments fiscal structure has improved, he said, adding that in 2014, commodity prices of coal, palm oil, rubber, and others plummeted because of the global economic slowdown.
"In 2014, we cut fuel subsidies for productive activities. The government built roads, airports, toll roads, and power plants," Jokowi explained.
The government had changed the paradigm of development in the country, from Java-centric to Indonesia-centric and from consumption-oriented to production-oriented.
"We want to create new economic centers outside Java," said he elaborated.
In addition, the government improved regulations and streamlined bureaucratic processes by applying information and telecommunication technology.
Finance Minister Sri Mulyani Indrawati earlier noted that Indonesias economic growth remained positive amid tough global economic conditions.
"Today, global economy is facing challenges as a result of US monetary normalization policy and trade war that brings tensions," Indrawati pointed out.
Therefore, she noted that the government will continue to monitor the dynamic global conditions. The minister made the statement during the granting of the 20th Habibie Award 2018 in Jakarta on Tuesday.
She explained that the global economy today is facing challenges as a result of the US monetary normalization policy and the trade war that leads to tensions in various parts of the world.
Yet, the minister explained that the Indonesian economy would experience positive growth amid the global economic conditions, which are full of challenges.
She explained that the Indonesian economy remains to be in consistent growth of over 5.0 percent up to the third quarter of 2018. The inflation rate is also recorded at about 3.5 percent.
The momentum of increased economic growth is expected to increase employment opportunities and reduce unemployment.
Source: ANTARA News