Indonesia’s economy grows faster than expected in first quarter
Indonesia posted an economic growth rate of 5.03% in the first quarter of 2023 thanks to improved consumption and increase public spending despite a slowdown in the global economy, according to Statistics Indonesia (BPS).
Jakarta (VNA) – Indonesia posted an economic growthrate of 5.03% in the first quarter of 2023 thanks to improved consumption andincrease public spending despite a slowdown in the global economy, according toStatistics Indonesia (BPS). Data released by BPS on May 5 show that the country’s GDPgrowth in the first quarter of this year is 0.02% higher than that of thefourth quarter of 2022, while a Reuters poll had expected the GDP to expand4.95%. Although analysts expect Indonesia's economic momentum tocool down as commodity prices fall and central banks around the world continueto maintain a tight monetary policy that affects global demand, Indonesia'spost-pandemic recovery is still underway thanks to a boom in commodity exports. Economists said that the Indonesia’s central bank – Bank Indonesia(BoI) tightened monetary policy including raising interest rates by a total of225 basis points from August 2022 to January 2023 to combat inflation, whichhad affected domestic demand. However, stable macroeconomic policies are helpingthe Indonesian economy to make positive changes. Statistics show that the inflation index in the most populouscountry in Southeast Asia has been well controlled. The BoI has paused monetarytightening measures in the last two months. Some economists expect the bank tokeep interest rates unchanged for the rest of the year. However, some analystsbelieve that to support the economic growth momentum, the BoI will likelyloosen monetary policy later this year. In the first quarter of 2023, household consumption growth,which accounts for more than half of the GDP in Indonesia, increased slightlyto 4.54% from the rate of 4.48% in the previous quarter. Meanwhile, governmentspending increased by 4% compared to the fourth quarter of 2022./.
Indonesia is following the lead of BRICS (an acronym for five leading economies: Brazil, Russia, India, China, and South Africa) in de-dollarisation and seeking ways to stop paying for global trade in the US dollar.
Indonesia recorded a 20.2% increase annually in foreign direct investment (FDI) in the first quarter (Q1) of this year, with the base metal industry the biggest recipient amid efforts to boost investment in processed minerals.
Bank Indonesia (BI) and the Bank of the Lao PDR (BOL) have signed a Memorandum of Understanding (MoU) to strengthen relationship between the two central banks.
With the 2023 ASEAN theme of “ASEAN Matters: Epicentre of Growth”, the coming 42nd ASEAN Summit reflects member countries’ wish and efforts to turn the bloc into a growth epicentre that leads cooperation and connectivity processes in the region and contributes to the common goal of peace, stability, and prosperity.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
A corner of Jakarta, Indonesia. (Photo: AFP/VNA) 
