Indonesia Unveils Economic Stimulus to Propel Growth

Indonesia is set to announce economic stimulus measures on June 5, aimed at boosting consumer purchasing power and elevating economic growth to 5% this quarter. These measures include electricity discounts, food handouts, and reduced transportation rates, strategically timed before the upcoming school holiday.

On June 5, Indonesia will unveil new economic stimulus measures intended to rejuvenate economic activity and enhance consumer purchasing power as the nation aims for a 5% growth rate this quarter, according to the Coordinating Ministry of Economic Affairs.

Chief Economic Minister Airlangga Hartarto emphasized that the programs are crafted to spur growth by increasing consumption, with a strategic launch just before the school holiday to maximize impact. During the first quarter, Southeast Asia's largest economy grew 4.87% compared to the previous year, marking its weakest performance in over three years.

The ministry continues to determine the stimulus package's overall size, which aims to amplify growth in the second and third quarters. Noteworthy incentives include a 50% discount on electricity bills for millions of households, food handouts for low-income families, and various discounts aimed at bolstering tourism and transportation sectors during the holiday season.

(With inputs from agencies.)