Indonesia to lead ASEAN nations' economic growth in 2012 - Finance Ministry

[News_Editor]

Indonesia to lead ASEAN nations' economic growth in 2012 - Finance Ministry

2011-06-01 06:00:46 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- Indonesia's 2012 economic growth is expected to top the Association of Southeast Asian Nations's (ASEAN) member states, Indonesia's Finance Ministry said Tuesday.

Indonesian Finance Minister Agus Martowardojo said the country is pushing to reach an economic growth rate of 6.5 and up to 6.9 percent in 2012 to lead the ASEAN region, Antara news agency reported.

Forecast growth rates include Malaysia's 5.2 percent, Thailand's 4.5 percent, the Philippines' 5.0 percent, and Singapore' 4.4 percent.

According to Agus, the Indonesian government will be preparing an expansive fiscal policy in 2012 to support the economic growth, noting that the estimated growth rate was established fairly high.

In addition, public and government consumption were also estimated to grow by 4.8 to 5.2 percent and 6.0 to 6.4 percent, respectively, while the country's investment is expected to grow between 10 and 10.4 percent, with estimated funds of around Rp. 2,800 trillion ($328 billion).

Furthermore, the Finance Minister said exports were expected to rise by 14.9 to 15.3 percent, while imports are predicted to reach between 18.4 18.8 percent in 2012.

Budget allocation policies have played an important factor in economic growth, Agus explained, saying they have helped create more jobs and reduce poverty, while increasing infrastructure development and subsidies for farm aid.

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