Indonesia’s incoming president Prabowo vows faster growth, fiscal discipline

Prabowo Subianto said he believed Indonesia's economic growth could reach 8 per cent annually within the next four or five years. - PHOTO: REUTERS

JAKARTA (Bloomberg): Indonesia’s Defence Minister Prabowo Subianto, who has claimed victory in last month’s presidential election, signaled that he will uphold fiscal prudence and maintain a steady hand on the economy once he’s in the driver’s seat.

Prabowo, in a speech Tuesday at the Mandiri Investment Forum, said he is targeting economic growth of 8% in the next five years, while keeping focus on expanding the tax base and maintaining fiscal discipline. He said he will push for a tax revenue target of about 14%-16% of gross domestic product by ensuring wider compliance without necessarily resorting to more levies.