Jakarta upgrades its GDP target
Indonesia’s government on Tuesday agreed to revise upward its economic growth target this year, due to better prospects for exports. At a meeting on economic assumptions, the GDP growth target was revised to 5.2 percent from 5.1 percent in the previous revision. Chief Economic Minister Darmin Nasution said an improvement in global economic conditions had helped boost prices and the demand for commodities, which are Indonesia’s biggest exports. The meeting also agreed on a 4.3 percent inflation target this year, with a 13,400 rupiah value per US dollar. President Joko Widodo’s administration has accelerated spending of the country’s development budget, one of the major contributors to the country’s economic growth, for the current year.