Badan Pusat Statistik mencatat, perekonomian nasional mampu tumbuh 5,11% pada Q1/2024. Angka tersebut naik dari Q4/2023 sebesar 5,04%. Pelaksana Tugas Kepala BPS Amalia Adininggar Widyasanti menyampaikan, Produk Domestik Bruto Indonesia atas dasar harga berlaku pada kuartal pertama mencapai Rp5.288,3 triliun. Sedangkan berdasarkan dasar harga konstan, mencapai Rp3.112,9 triliun.
Dengan demikian, pertumbuhan tersebut menjadi pertumbuhan ekonomi tertinggi pada kuartal pertama sejak 2019. Tercatat pertumbuhan ekonomi pada Q1/2024 ditopang oleh seluruh komponen pengeluaran utama, diantaranya konsumsi rumah tangga yang tumbuh 4,91%. Selain itu, konsumsi Pemerintah juga tumbuh positif 19,90% yang didorong belanja pemilihan umum dan belanja pegawai.
Dengan demikian, pertumbuhan tersebut menjadi pertumbuhan ekonomi tertinggi pada kuartal pertama sejak 2019. Tercatat pertumbuhan ekonomi pada Q1/2024 ditopang oleh seluruh komponen pengeluaran utama, diantaranya konsumsi rumah tangga yang tumbuh 4,91%. Selain itu, konsumsi Pemerintah juga tumbuh positif 19,90% yang didorong belanja pemilihan umum dan belanja pegawai.
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TVTranscript
00:00Indonesia's Economic Development
00:15Hello viewers, how are you today?
00:17Live from IDX Studio in Jakarta
00:19I'm Prasetyo Wibowo, welcome back to Market Review
00:22A program that discusses the issues of economic movement in Indonesia
00:25And this time we will discuss the economic growth in the first quarter
00:29Where again, household consumption is one of the supporters of national economic growth
00:36Especially when we know in the first quarter there is a momentum of Eid, Ramadan
00:41And also before it was a voter in Indonesia
00:45Viewers, let's start the complete market review
00:50Economic Growth in the First Quarter
00:57Viewers, the national economic growth was recorded at 5.11% in the first quarter of 2024
01:03Where the statistics center reported
01:05In general, the growth is still supported by household consumption
01:09And there is an increase in government spending
01:12Economic Growth in the First Quarter
01:16The statistics center recorded that the national economy was able to grow 5.11% in the first quarter of 2024
01:24The figure was recorded to rise from the fourth quarter of 2023 to 5.04%
01:31The head of the BPS Amalia, Dininggar Widyasanti, said
01:35The gross domestic product of Indonesia based on the price in the first quarter reached 5,288.3 trillion rupiah
01:45While based on the constant price base reached 3,112.9 trillion rupiah
01:53Thus, the growth was the highest economic growth in the first quarter since 2019
01:59It was recorded that the economic growth in the first quarter of 2024 was supported by all the main export components
02:06Including household consumption which grew 4.91%
02:11In addition, government consumption also experienced a positive growth of 19.9%
02:16Which is driven by general election spending and employee spending
02:21Indonesia's economic growth in the first quarter of 2024
02:27If compared to the first quarter of 2023
02:31Or year-on-year
02:33Grew by 5.11%
02:38If compared to the fourth quarter of 2023
02:42Or in Q2Q
02:44Indonesia's economy in the first quarter of 2024
02:49Contracted by 0.83%
02:55Meanwhile, the growth of non-profit institution's household consumption
02:59Experienced the highest growth compared to other components
03:02Which is 24.29%
03:05This number grew highly driven by general election activities and Ramadhan
03:10Jakarta Raharjo Padmo, IDX Channel
03:14Pemirsa, to discuss our interesting topic today
03:18Household consumption, economic growth support in the first quarter of 2024
03:22We have connected through Zoom
03:24Together with Professor Telisa Ulia Valianti
03:27She is a master of economics and business faculty at the University of Indonesia
03:32Good morning, Professor Telisa
03:36Good morning, everyone
03:39Good morning, ma'am
03:40Good morning, everyone
03:42Okay, let's start
03:44This is through Zoom, Mr. Ajib Hamdani
03:47He is our analyst
03:50Economic policy analyst from APIDU
03:52Good morning, Mr. Ajib
03:54Good morning, Mr. Faz
03:56Good morning, Professor Telisa
03:58Good morning, Mr. Ajib
04:00How are you, sir?
04:01Alhamdulillah
04:02Thank you for coming
04:04These two competent speakers
04:05Related to academics
04:06Then one more from the world of business
04:09Let's go to Mrs. Telisa first
04:11How is Indonesia's economic growth?
04:14Which was recorded in the first quarter of this year
04:16It grew by 5.11%
04:19The highest throughout 2019
04:21Until 2024
04:23Is it in line with the consensus of academics in this country?
04:29Yes, previously the LPMFUE also submitted
04:32LPMFUE prediction report
04:34In the range of 5.16 or 5.17
04:38So it means it's true
04:40Expect that the growth is above the first quarter of the previous year
04:44And above the year 2023
04:46So that's why
04:48Because there, Mr. Faz himself has mentioned
04:50There is a rare moment
04:52The 2019 election
04:54If we compare it to the 2019 election
04:56The election is in April
04:58The holiday is in June
05:00This is very similar
05:02The election in February
05:04Then in March it was Ramadan
05:07So it's very similar
05:10So the preparation of Eid
05:12And so on
05:13It also greatly affects consumption
05:15Because we know our economy is based on consumption
05:17And then the momentum is the same
05:20Because the main supporter we saw yesterday
05:22LNPFT, right?
05:23Consumption
05:24Yes, that's really from
05:26Government spending
05:28Government spending is also very narrow
05:30It has never been in history in a story that big
05:32So this is very similar to
05:35Eid momentum and Ramadan
05:37So it's very high
05:41Okay, Mr. Azip
05:42If according to your view
05:44Do you also agree
05:46With the hopes of entrepreneurs
05:48That growth in the first quarter
05:50With the momentum of Ramadan, Eid
05:52This finally triggers again
05:54The pace of our economic growth in the first quarter
05:58Okay, Mr. Pras
05:59If we look at the pattern and the cycle of our economic growth
06:02If we compare per quarter
06:04Mr. Pras
06:05We do have momentum usually in the first quarter and the fourth quarter
06:08Okay
06:09Because that will be an illustration of how much later
06:12Economic growth in aggregate
06:14If we compare in 2023 for example
06:16Economic growth in the first quarter reached 5.03%
06:20And then finally we see
06:22Our economic growth in 2023 in aggregate 5.05%
06:25Okay
06:26Maybe later if the figure is not correct
06:27Prof. Teresa can add or correct
06:30Then if we look at Mr. Pras
06:32Economic growth in the first quarter
06:34Among the three
06:35Only reached 5.11%
06:37Actually, from a positive point of view
06:39That this is already in the trend
06:41But actually we lost a little momentum
06:43Why?
06:44Because when it's only 5.11%
06:46Prof. Teresa said earlier
06:48How our spending is very supported by two momentum
06:52One is the Eid momentum
06:53Where there is a more money circulation
06:55With THR money
06:56Incentive from the government and others
06:59Then there is also the second momentum
07:01In the last five years
07:02Which is PILEP and PILPRES
07:04It should be
07:05Economic growth is higher than 5.11%
07:08But indeed, Mr. Pras
07:09We see that
07:10In April last year
07:11When then BIN issued
07:13The level of incentive
07:15Which was increased by 25%
07:17We see that this is at the end of the fourth quarter
07:19We experience a weakness from the people
07:22Now this is what needs to be respected by the government
07:24It is true that in the first quarter
07:26Our economic growth increased compared to 2023
07:28Even in aggregate
07:29Okay
07:30In the second and third quarters
07:31When the weakening of the purchasing power of the people
07:33What else did we see earlier
07:34That more than 90% of our economic growth
07:37Because 5.11% is 4.9% placed by consumption
07:40It means then, Mr. Pras
07:41When we experience consumption
07:43Because in the second and third quarters
07:45This will be a PR for us
07:47So the government must be more incentive
07:49In the form of monetary
07:50In the form of fiscal
07:51As well as in the form of regulation
07:53Which is more pro-growth
07:54Because if we look at Mr. Pras
07:56That this year 2024
07:58In the macro economic projection
08:00The government has a target of 5.2%
08:03Quite aggressive
08:04Actually, if we can achieve
08:06According to the projection made by Prof. Talisa
08:08At a rate of 5.16%
08:10It will relatively be able to create
08:13Maximum growth until the end of 2024
08:16That's why Mr. Pras
08:17What we need to convey to the government
08:19Business owners have expectations
08:21That the government provides an incentive that meets the target
08:24Both fiscal, monetary
08:25As well as in the form of other deregulation
08:28Which is more pro-growth and equality
08:30Because that's the only thing that can be the key
08:32For us to push the economy further
08:34Because of this, Mr. Pras
08:35Last permission
08:36Because our economy must be supported more
08:38By the private sector
08:40Because in 2024
08:41The government only has a fiscal space
08:43Which is relatively limited
08:45Because when the macro assumption is
08:48USD 15,000
08:49For example, oil is only in the number 82
08:52USD per barrel
08:53Our fiscal deficit is already in the number of 500 trillion
08:56It means that when the dollar is now in the number of 16,000 rupiah
09:01For example
09:02Then it will be a challenge
09:04Our fiscal deficit will increase
09:07It means that with the fiscal limitation
09:09That the government has to support the people's livelihood
09:11The hope is
09:12The government pushes and maintains its livelihood
09:15With the regulations that meet the target
09:17That's it, Mr. Ajib
09:19So there is a loss of momentum that you mentioned
09:21We will try to elaborate later
09:23Together with Prof. Thelisa
09:24In which part
09:25If we can boost again
09:27In the next segment
09:28We will break for a while
09:29And Prof. Thelisa, stay with us
09:47Thank you for joining us
09:49In the next segment
09:50We will present a number of data
09:51Related to the movement
09:52Or the speed of Indonesia's economic growth
09:54Quarterly
09:56The complete data
09:57You can watch it on your television screen
09:59We can see from the first quarter of 2023
10:02To the first quarter of 2024
10:04The movement is like this
10:055.04%
10:06It was the highest
10:07Indeed
10:08In the second quarter of 2023
10:105.17%
10:11Then in the third quarter
10:13There is a decrease of 4.94%
10:15Finally, in the fourth quarter of last year
10:165.05%
10:18In our opinion, 5.04%
10:20And in the first quarter of 2024
10:225.11%
10:24Next
10:25The growth of GDP
10:27According to the release
10:28What is it?
10:29Here it is
10:30Household consumption
10:314.91%
10:33Then
10:34Household non-profit institution consumption
10:3724.29%
10:39Government consumption
10:4019.9%
10:41Then
10:42PMTB
10:43Export and also import
10:45Export is slightly down
10:460.5%
10:48For growth
10:49And next
10:50We see from the business field
10:53Here it is
10:54We see from the business sectors
10:56Mining
10:573.54%
10:58Implement
10:59Mining and mining
11:01Supporting economic growth
11:02From the business sector
11:049.31%
11:06Then the manufacturing industry
11:074.13%
11:09And next
11:10There is construction
11:12Trade and repair, etc.
11:15Let's continue the discussion
11:17With Prof. Telisa Aulia Valianti
11:19A senior lecturer at FFB
11:21Universitas Indonesia
11:22And also Mr. Ajip Hamdani
11:24He is an analyst of economic policy
11:26PIDO
11:27Let's go to Prof. Telisa
11:28If we talk about this
11:29There is something that was quite crucial
11:31There is a slight loss of momentum
11:33What is called Mr. Ajip
11:35From the perspective of the Prof. himself
11:37What is the momentum that
11:39Was skipped
11:40Or maybe
11:41Was missed
11:42When the government boosted
11:44Economic growth in the first quarter of this year
11:48If we talk about momentum
11:50From my point of view
11:54We are a bit heavy
11:56In the middle of the normalization condition
11:58Of commodity prices
11:59In the global
12:00I mean, we know
12:01Global economic growth
12:02Actually slows down
12:04While we as an open economy
12:06There are indeed some parts
12:08Of our economic growth components
12:10That depend on the global condition
12:12So indeed
12:13That's it
12:14And then the momentum
12:15Ended up
12:16The current cabinet
12:18I mean
12:19Usually at the end of the cabinet
12:21It really depends
12:23There are those who want to boost
12:25But there are also those who
12:26Because they are busy with politics
12:28I mean, because
12:29We are getting crowded
12:31So
12:32To pay attention to economic growth
12:34Maybe from the government side
12:36Are also busy
12:37For the next round
12:39Or politics
12:40That will transition
12:42So
12:44What is the term
12:45Although in the government itself
12:47So the energy is probably divided
12:49Even though we are facing
12:50Slow global growth
12:51This is momentum to maximize
12:53Maybe the multiplier effect
12:55So
12:57Because of that
12:58Maybe from the organization side
12:59If I see
13:00From the government itself
13:01Maybe
13:02Focused on election activities
13:04And political transition
13:05So
13:06Usually people say
13:07Political transition
13:08It's starting to fade
13:09Okay
13:10The theory
13:11As an observer
13:12Maybe it's starting to fade
13:13So
13:15Even the policies
13:16The focus was on Bansos
13:18This is related
13:19Maybe to the voters themselves
13:21So
13:22That's consumption
13:23While we know
13:24The momentum of consumption
13:25It's not as big as in investment
13:27Or in export
13:28Okay
13:29Multiplier effect
13:30Consumption is
13:31Especially if it's
13:32The focus is a lot on domestic
13:34Those who observe
13:35For example, those who monitor
13:36How much consumption
13:37How much consumption
13:38For SMEs
13:39Who
13:40Surrender their products to SMEs
13:41Then we
13:42What is it
13:43So less
13:44Monitoring
13:45So for domestic business
13:46Earlier
13:47Mr. Abjid emphasized
13:48Domestic business
13:49Must be improved
13:50Not just the role of the government
13:52Actually from government spending
13:54It can be tried
13:55For domestic products
13:57That's why yesterday there was a message
13:58For example, from the Minister of Finance
13:59Please use THM for consumption
14:01Well, it's like that
14:02To maximize the impact
14:04From
14:06Government spending
14:07On consumption
14:08Maybe that's it
14:09Momentum means
14:11What is it
14:12Maybe the fighting spirit
14:13Is being shared
14:14The energy
14:15For these voters
14:17So that's probably
14:18Why it's called
14:19Loss of momentum
14:20Even though we need
14:21More hard work
14:22To face
14:23The slow global growth
14:24Earlier
14:25Okay, Prof
14:26But according to Prof himself
14:27Economic growth
14:28In this first quarter
14:29Enough quality
14:30Or actually business
14:31As usual
14:32Because there was momentum
14:33Ramadan
14:34Which happens to be
14:35In the first quarter
14:36Yes, there are two
14:37That moment
14:38Pemiru and Ramadan
14:39So it means
14:40Big banks
14:41Government spending is 20%
14:42So actually
14:43Quality or not
14:44Will be answered
14:45In the second and third quarter
14:46Earlier
14:47I mean
14:48Is this sustained or not
14:49So we can't yet
14:50What's the name
14:51Claim now
14:52Is it quality or not
14:53Because it's still
14:54Mixed with seasonal effects
14:55The important thing is
14:56If it's quality
14:57It's sustained
14:58Well
14:59Can't sustain
15:00To the second and third quarters
15:01So
15:02Creating multiplier effect
15:03It's not just
15:04Short term
15:05Yes
15:06Because of the momentum
15:07That's it
15:08We wait
15:09Later in the second and third quarters
15:10The hope is still
15:11Can continue
15:12Earlier
15:13In the second and third quarters
15:14We keep
15:15If it's sustained
15:16We can say
15:17It's quality
15:18Okay
15:19Mr. Ajip
15:20So how
15:21According to the perspective of entrepreneurs
15:22So attached
15:23With economic growth
15:24In the first quarter
15:25While you just mentioned
15:26Still there
15:27Or needed
15:28Pro incentives
15:29About growth
15:30Then
15:31Evenness
15:32It's also there
15:33Okay
15:34We see at the end of the first quarter
15:35Yes
15:36In April 2024
15:37When then
15:38BI
15:39Doing the instrument
15:40Monetary policy
15:41To increase the rate of growth
15:42To be
15:43Added 25 points
15:44Meaning
15:45With 6.25%
15:46It gives pressure
15:47Towards
15:48Liquidity
15:49Around the community
15:50And the purchasing power
15:51As an example
15:52Why is the purchasing power decreasing
15:53When
15:54I will give a concrete example
15:55When the growth rate rises
15:56Yes
15:57Usually the lending credit rises
15:58Usually next month
15:59This is people
16:01Who credit motorbikes
16:02People who credit houses
16:03They
16:04The growth rate rises
16:05When their growth rate rises
16:06Then their quality of spending
16:07In other places
16:08Will decrease
16:09This is what
16:10Becomes a small portrait
16:11From what is called
16:12There is a monetary disincentive
16:13Yes
16:14At the end of the first quarter
16:15It was the government
16:16Raising the rate of growth
16:17So
16:18Pressure on the community
16:19And this is what
16:20We mentioned earlier
16:21And I agree with
16:22One thing
16:23With Prof. Talisa
16:24That the second and third quarters
16:25It faces
16:26This becomes more challenging
16:27Because
16:28For the quality
16:29Of the community's purchasing power
16:30Then we look at
16:31The investment side
16:32Yes
16:33That
16:34Investments in Indonesia
16:35In the context of
16:36The absorption of labor
16:37It experiences a decrease in quality
16:38If we compare
16:39And we calculated
16:40For the last five years
16:41When
16:42All
16:43Target
16:44Investments
16:45Always over-target
16:46From 2019
16:47Until the last
16:482023
16:49With 1,400 trillion
16:50But the level of absorption
16:51Of labor
16:52Only half
16:53Looking for a target
16:54From the target
16:553 million
16:56Labor
16:58To around
16:591.6 million
17:00It means
17:01The ratio is getting smaller
17:02If we compare
17:03With 2014
17:04That
17:05It can be four times
17:06Multiple
17:07Labor absorption
17:08Per investment ratio
17:09Yes
17:10It means
17:11With
17:12Investments
17:131,400 trillion
17:14It can absorb
17:15More than
17:162 million
17:17To 3 million
17:18According to the target
17:19Labor absorption
17:20Now
17:21When the government
17:22Failed to increase
17:23Investment quality
17:24Then this will be
17:25Difficult to find
17:27All this time
17:28The significant supporter
17:29Of the PDB
17:30Is
17:31Consumption
17:32As mentioned
17:33Even though
17:34If we want to make a leap
17:35To a developed country
17:36Then
17:37The ratio of
17:38Contribution
17:39Investments
17:40Manufacturing
17:41Production
17:42Value
17:43And other
17:44Must increase
17:45In the context of PDB
17:46Because
17:47It will give
17:48Maximum income
17:49Labor absorption
17:50And other
17:51That's why
17:52If we look
17:53Why Indonesia
17:54Difficult to make
17:55Economic
17:56We are in the middle income
17:57Trade
17:58Because PDB per capita
17:59We are still in the range
18:004,000 USD per capita
18:01Per year
18:02If we want to make a leap
18:03To a developed country
18:04More than
18:0510,000 USD
18:06Per capita
18:07Per year
18:08Now
18:09Why is this condition
18:10Because we still face
18:11The main problem
18:12Labor
18:13Poverty
18:14And
18:15Generation
18:16And this
18:17Still less
18:18Pushed by the government
18:19Government
18:20Especially if we look
18:21Just now
18:22Contribution
18:23In the context of economic growth
18:25Okay
18:26It means there are still many
18:27Challenges
18:28Which later
18:29Need to be considered
18:30Yes
18:31It means
18:32This speaks
18:33Orientation
18:34And the priority of the government
18:35If the government
18:36Is more oriented
18:37To the stakeholders
18:38Economic actors
18:39Local
18:40Domestic players
18:41For example
18:42Humanization
18:43Must be focused
18:44With agriculture
18:45Agriculture
18:46For example
18:47Which is focused
18:48With local
18:49Domestic players
18:50That's why the income is more
18:51Maximum
18:52That's why
18:53Less than
18:54Straight with
18:55Ratio
18:56Towards
18:57Investment
18:58Towards economic growth
18:59Okay
19:00Mr. Ajib
19:01Just now
19:02Data was also reported
19:03That the economic supporters
19:04In the first quarter
19:05Are from the mining sector
19:06And mining
19:07Is it also on the tip
19:08Hillarization program
19:09Hold on
19:10The answer
19:11We will discuss later
19:12In the next segment
19:13And the audience
19:14We will be back soon
19:15After the next interview
19:24Okay
19:25As warm as possible
19:26Our discussion with
19:27Professor Telisa
19:28And Mr. Ajib Hamdani
19:29We will continue
19:30Mr. Ajib
19:31Talking about
19:32Various challenges
19:33Regulations
19:34Or incentives
19:35Needed
19:36This is a sector
19:37Which is a supporter
19:38Mining
19:39And mining
19:40You see
19:41This is more
19:42Hillarization
19:43There
19:44Or do we need
19:45Overall
19:46Is
19:47Earlier
19:48Party
19:49Against
19:50Land
19:51Land
19:52Or even
19:53Against
19:54National
19:55Business
19:56Program
19:57Or business sectors
19:58Which can be
19:59Supporters
20:00Indonesia's economic growth
20:01Overall
20:02Okay
20:03We go to
20:04Macro
20:05First
20:06Actually
20:07In
20:08Mr. Jokowi's government
20:09The second period
20:102019-2024
20:11If we see
20:12Mr. Jokowi
20:13Has a commitment
20:14Which is
20:15Economic transformation
20:16That is
20:17There is
20:18Hillarization optimization
20:19Prioritizing
20:20Import substitution
20:21In the context of this hillarization
20:22Which is part of
20:23Economic transformation
20:24That
20:25Indeed there is an increase
20:26Top value
20:27Over superior communities
20:28But if we look
20:29Mr. President
20:30If we look closely
20:31Or even a bit critical
20:32In the last five years
20:33That
20:34The cabinet line
20:35Translate
20:36Economic transformation
20:37It's more focused on
20:38Hillarization for mining
20:39Hillarization
20:40For the mineral sector
20:41For example
20:42Even though
20:43Those sectors
20:44Is an elitist sector
20:45Actually
20:46A sector that only involves
20:47A little economic player
20:48In the country
20:49So how
20:50When Mr. Prabowo
20:51Also gives a commitment
20:52Hillarization
20:53Becomes a part of
20:54The agenda
20:55Which was set by
20:56Mr. Prabowo
20:57It should
20:58Do more
20:59Extensity
21:00In the field of hillarization
21:01Which is more in line with
21:02All stakeholders
21:03Regional economic players
21:04So for example
21:05Talking about the agricultural sector
21:06Fishing sector
21:07Farming sector
21:08For example
21:09Agriculture sector
21:10It should be processed more
21:11So
21:12When the government
21:13Involves more
21:14Domestic economic players
21:15Like this
21:16Then the momentum
21:17And the quality of investment
21:18Will be more maximal
21:19But once again
21:20The context of hillarization
21:21In the mining sector
21:22Should be continued
21:23But the government
21:24Should not lose focus
21:25Should not lose priority
21:26Towards
21:27Programs
21:28And regulations
21:29That are in line
21:30With the people
21:31More
21:32That's it
21:33Okay
21:34Prof. Telisa
21:35So how
21:36From the academic point of view
21:37Looking at the conditions
21:38Like this
21:39When the business sector
21:40Is it really
21:41Finally
21:42Can still
21:43Be a pillar
21:44In Indonesia's economic growth
21:45Even though
21:46You mentioned
21:47Export is still
21:48Stagnant
21:49Then
21:50Windfall commodity
21:51Has also
21:52Decreased
21:53How do you see it?
21:54Is it sexy enough
21:55For the future?
21:56Yes
21:57So indeed
21:58If we look at the economic structure
21:59It's very important
22:00I really agree
22:01That we have to see
22:02Not only the aggregate numbers
22:03But also
22:04The structure
22:05That's all we're talking about
22:06That's the structure
22:07Is our structure
22:08Strong enough
22:09And can support
22:10Sustainable
22:11For our economic growth
22:12In the future
22:13But
22:14I really agree
22:15Not only economic growth
22:16But also
22:17Aspects of
22:18Evenness
22:19Equilibrium
22:20Because
22:21In the end
22:22If the calculation is wrong
22:23The structure
22:24Or if it's not ideal
22:25If it's not right
22:26The structure
22:27Is not ideal
22:28Then
22:29Also
22:30What was it
22:31It will affect
22:32The sustainability
22:33If the structure
22:34Is not ideal
22:35And then
22:36We have to see
22:37Where is the structure
22:38Of our workforce
22:39Because
22:40And what is our population
22:41Like
22:42Because it's all
22:43Correlating
22:44Actually
22:45It was created
22:46But
22:47In the implementation
22:48It's hard for us
22:49To achieve
22:50Because
22:51For example
22:52In the IPJMPN
22:53The target is
22:54The total growth
22:55If it's 6-7%
22:56So we can get out
22:57Of the middle income
22:58Okay
22:59Our base
23:00Is one of
23:01The investment
23:02But if we look
23:03For example
23:04Based on the output
23:05The investment
23:06The growth
23:07Is only 3.9%
23:08So
23:09Even though
23:10We should be more than that
23:11And then
23:12If we look at the buy sector
23:13The growth
23:14Is really
23:15Increasing
23:16But
23:17We don't put
23:18Your egg in the same basket
23:19So
23:20We can't
23:21Only rely on
23:22One sector
23:23And from our research
23:24In Suawesi
23:25For example
23:26We did research
23:27That the impact
23:28Of the multiplier
23:29To the labour
23:30Is not too high
23:31Like the labour
23:32That is not high quality
23:33Maybe because
23:34It's highly capital intensive
23:35So
23:36Or the hillarization industry
23:37So
23:38How the hillarization
23:39Can also
23:40Absorb the workers
23:41That's
23:42A lot of people
23:43Said
23:44That the labour
23:45Is not enough
23:46Or not suitable
23:47So
23:48We have to fill
23:49The gap skill
23:50So
23:51There has to be
23:52A synergy
23:53Between
23:54The macro policy
23:55And the structural policy
23:56For example
23:57The labour
23:58So
23:59It has to match
24:00Between the labour
24:01And the growth
24:02And then
24:03The target
24:04That was set
24:05By the government
24:06For example
24:07The target
24:08Of investment
24:09And so on
24:10So
24:11We have to look
24:12At the impulsivity
24:13Of the labour
24:14So
24:15We have to
24:16Look at
24:17The impulsivity
24:18Of the labour
24:19So
24:20We have to
24:21Look at
24:22The impulsivity
24:23Of the labour
24:24So
24:25We have to
24:26Look at
24:27The impulsivity
24:28Of the labour
24:29So
24:30We have to
24:31Look at
24:32The impulsivity
24:33Of the labour
24:34So
24:35We have to
24:36Look at
24:37The impulsivity
24:38Of the labour
24:39So
24:40We have to
24:41Look at
24:42The impulsivity
24:43Of the labour
24:44So
24:45We have to
24:46Look at
24:47The impulsivity
24:48Of the labour
24:49So
24:50We have to
24:51Look at
24:52The impulsivity
24:53Of the labour
24:54So
24:55We have to
24:56Look at
24:57The impulsivity
24:58Of the labour
24:59So
25:00We have to
25:01Look at
25:02The impulsivity
25:03Of the labour
25:04So
25:05We have to
25:06Look at
25:07The impulsivity
25:08Of the labour
25:09So
25:10We have to
25:11Look at
25:12The impulsivity
25:13Of the labour
25:14So
25:15We have to
25:16Look at
25:17The impulsivity
25:18Of the labour
25:19So
25:20We have to
25:21Look at
25:22The impulsivity
25:23Of the labour
25:24So
25:25We have to
25:26Look at
25:27The impulsivity
25:28Of the labour
25:29So
25:30We have to
25:31Look at
25:32The impulsivity
25:33Of the labour
25:34So
25:35We have to
25:36Look at
25:37The impulsivity
25:38Of the labour
25:39So
25:40We have to
25:41Look at
25:42The impulsivity
25:43Of the labour
25:44So
25:45We have to
25:46Look at
25:47The impulsivity
25:48Of the labour
25:49So
25:50We have to
25:51Look at
25:52The impulsivity
25:53Of the labour
25:54So
25:55We have to
25:56Look at
25:57The impulsivity
25:58Of the labour
25:59So
26:00We have to
26:01Look at
26:02The impulsivity
26:03Of the labour
26:04So
26:05We have to
26:06Look at
26:07The impulsivity
26:08Of the labour
26:09So
26:10We have to
26:11Look at
26:12The impulsivity
26:13Of the labour
26:14So
26:15We have to
26:16Look at
26:17The impulsivity
26:18Of the labour
26:19So
26:20We have to
26:21Look at
26:22The impulsivity
26:23Of the labour
26:24So
26:25We have to
26:26Look at
26:27The impulsivity
26:28Of the labour
26:29So
26:30We have to
26:31Look at
26:32The impulsivity
26:33Of the labour
26:34So
26:35We have to
26:36Look at
26:37The impulsivity
26:38Of the labour
26:39So
26:40We have to
26:41Look at
26:42The impulsivity
26:43Of the labour
26:44So
26:45We have to
26:46Look at
26:47The impulsivity
26:48Of the labour
26:49So
26:50We have to
26:51Look at
26:52The impulsivity
26:53Of the labour
26:54So
26:55We have to
26:56Look at
26:57The impulsivity
26:58Of the labour
26:59So
27:00We have to
27:01Look at
27:02The impulsivity
27:03Of the labour
27:04So
27:05We have to
27:06Look at
27:07The impulsivity
27:08Of the labour
27:09So
27:10We have to
27:11Look at
27:12The impulsivity
27:13Of the labour
27:14So
27:15We have to
27:16Look at
27:17The impulsivity
27:18Of the labour
27:19So
27:20We have to
27:21Look at
27:22The impulsivity
27:23Of the labour
27:24So
27:25We have to
27:26Look at
27:27The impulsivity
27:28Of the labour
27:29So
27:30We have to
27:31Look at
27:32The impulsivity
27:33Of the labour
27:34So
27:35We have to