Economics
Jokowi Plans Record Spending in Indonesia's Election Year
- Economy forecast to expand 5.3% next year, president says
- Government sees budget deficit shrinking to 1.84% of GDP
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Indonesian President Joko Widodo plans a record spending next year to support growth as he seeks to shield the $1 trillion economy from an emerging-market rout and brighten his chances of a re-election.
Economic growth is forecast at 5.3 percent in 2019, compared with a revised forecast of 5.2 percent for this year, Widodo, known as Jokowi, said in his budget speech at the parliament in Jakarta on Thursday. The budget deficit is forecast to shrink to 1.84 percent of gross domestic product from a revised estimate of 2.12 percent for this year, he said.