Higher expenditures aid key projects in achieving 5.2% growth in his final presidential year.
President Joko Widodo foresees 7% GDP growth by 2027–2028 if his successor continues infrastructure and downstream reform policies.
Lawmakers passed the budget into law at a plenary meeting on Thursday, with next year’s state spending seen higher at 3,325 trillion rupiah to support an economic growth target of 5.2%. The budget shortfall is set at 2.29% of gross domestic product. Meanwhile, the government increased its price assumption for crude oil to US$82 per barrel next year from an earlier estimate of US$80, in the face of rising global costs.
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