One day in the beautiful country called Indonesia, stories about economic growth began to spread. People started talking about it in the market, in the coffee shop, even young people were on social media. All the news started when there was news that came on a sunny Monday, but the news was not as bright as expected.
The story is that the Indonesian economy grew more slowly than expected in the third quarter. It's like a story of hope stumbling over a rock, not because it's too lazy to walk but because there's an unexpected wind. Exports, which are usually like windmills spinning fast, this time started to slow down. Then, there is also a heavy burden carried by consumers, as if they were carrying a full basket but had to climb a steep hill. The basket is an increasingly expensive loan, which makes them think twice about spending money.
The stories of numbers that are usually dry become widely discussed. Gross Domestic Product (GDP), a measure of the economy, only rose 4.94% from last year, less than the magic figure of 5% predicted by experts. From the previous quarter, the economy grew by 1.6%, a figure that if measured is not too disappointing, but still, as if something is missing.
The news is a sign that the fresh wind that is expected to bring recovery to the largest economy in Southeast Asia still has to fight against the unfriendly wind. During nine months of this year, exports have appeared sluggish six times, and rising loan interest has made consumers' pockets thinner.
But, in the middle of this somewhat heavy story, there is also a narrative about a match. Indonesia's central bank, like an unexpected hero in a fairy tale, raised the benchmark interest rate to 6%, a figure that has not been reached for the last four years. They hope to be able to maintain the value of the rupiah which is starting to look tired.
And the government, like a faithful companion, began to open its wallet even wider to help economic growth and protect the less well-off from the ever-rising cost of living. The Minister of Finance, Sri Mulyani Indrawati, like a lighthouse keeper, promised that with additional social assistance and tax incentives, the Indonesian economy could run on a path to 5.1% growth in 2023.
So, even though the news is not as bright as expected, the story about Indonesia's economy still continues. People still hope, still work, and still dream, that tomorrow or the day after, the numbers will be better.
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