"Hence,, during the third quarter, it may touch slightly over minus three percent, and that is an improving trend, a positive trend. This must be emphasized in the announcement of the BPS, from (minus) 5.32 percent (in the second quarter) to minus three percent," President Jokowi stated while opening a plenary cabinet meeting at the State Palace here on Monday.
The Central Statistics Agency (BPS) is scheduled to announce the realization of economic growth in the third quarter of 2020 on November 5, 2020.
The president noted that despite the economic growth still contracting in the third quarter of 2020, the recovery was already apparent. The realization of economic growth in the third quarter will improve as compared to the second quarter of 2020 wherein it fell by 5.32 percent.
Hence, Jokowi has urged his staff to boost the realization of budget spending in the fourth quarter of 2020.
The head of state is optimistic that significant budget absorption in the fourth quarter of 2020 would boost economic activities to drive the economy to a positive level.
For the third quarter of 2020, in terms of the gross domestic product (GDP), household consumption and investment expenditures were yet at a negative level. Hence, the government will continue to strive to boost the stimulus to maintain the people's purchasing power, he remarked.
"Hence, it is our duty to strengthen demand, so that consumption will improve," he added.
Related news: Indonesia records better growth than other G20 countries: report
Related news: Domestic economic recovery underway, global economy starts to rebound
EDITED BY INE