Fiscal policy was also set to counter the impact of the global slowdown on the domestic economy. The government raised spending and widened the budget deficit target to 2.2% of GDP in 2012, double the...
actual deficit in 2011 of 1.1%. As it turned out, shortfalls in government
spending held the budget deficit to 1.8% of GDP. Central government debt
fell to 24.0% of GDP, maintaining a downward trend (Figure 3.24.10).
Reflecting the country’s better performance over recent years, Moody’s
raised Indonesia’s rating to investment grade Baa3 in January 2012, and
Fitch reaffirmed its investment grade rating BBB– in November 2012.
- Economic prospects :
Economic growth is forecast to pick up to 6.4% this year and 6.6% in 2014 (Figure 3.24.11), underpinned by robust private consumption, the improving investment performance, and a gradual pickup in world trade.
Growth of 6.6%, projected for 2014, would be the highest in 15 years.
Sources: Asian Development Outlook
database; Indonesia Debt Management Office. http://www.dmo.or.id/index.php/site/index (accessed
16 March 2013)
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