Indonesia's Finance Minister Sri Mulyani Indrawati announced that despite global uncertainty in early 2023, Indonesia's economic growth remained strong at 5.03%. This positions Indonesia as the third-highest growing economy, surpassing Malaysia's 5.6% and the Philippines' 6.4%. Sri Mulyani highlighted that Indonesia's economic growth outperformed various countries worldwide, including those in the ASEAN region and Europe, as many were grappling with the adverse effects of rising interest rates and inflationary pressures.
In the first quarter of 2023, several countries reported their economic growth rates. China witnessed a growth of 4.5%, Saudi Arabia and Mexico both grew by 3.9%, Vietnam saw a growth of 3.3%, and Thailand recorded 2.7% growth. Meanwhile, the United States, Europe, and Japan experienced growth rates of 1.6%and 1.3%, respectively. South Korea's growth stood at 0.8%, Singapore at 0.1%, and Russia faced a contraction of -1.9% due to the ongoing conflict. Sri Mulyani emphasized the relative weakness of countries such as the UK, France, Singapore, South Korea, and Japan.
