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BI: Investments Drive North Sulawesi's Growth
WINDONESIA October 21, 2024
(Presidential Secretariat Press, Media, and Information Bureau)
Bank Indonesia (BI) North Sulawesi Province Representative Office Head Andry Prasmuko said that investments are among the driving factors for North Sulawesi's economic performance.
"Five national strategic projects (PSN) in North Sulawesi have been completed from 2018 to 2023, including the Manado-Bitung Toll Road, the Likupang Port, the Bitung International Hub Port, the Lolak Dam, and the Kuwil Kawangkoan Dam," he stated in Manado City on Oct. 16, 2024.
Andry said that in addition to the development of strategic and vital infrastructure, government capital expenditure (capex) was also done for the construction of Raja Loloda Mokoagow Airport in Bolaang Mongondow Regency, preservation of national roads, regional roads, as well as construction of bridges both in mainland and island areas.
He added that the development of North Sulawesi's tourism sector in North Sulawesi plays a role in driving the province's increased economic performance which is also supported by increased domestic and international connectivity, especially to East Asian countries such as China, Japan, and South Korea.
Moreover, Andry noted that the implementation of international-scale activities such as the Tomohon International Flower Festival (TIFF) also contributed to the increase in domestic and foreign tourists.
He also said that North Sulawesi's economic performance in 2020 fell significantly along with the limited activities and limited movement of the public due to the COVID-19 pandemic, driving a decline in the province's economic performance to 0.99 percent year-on-year (yoy).
However, North Sulawesi's economic performance is still better than the national economic contraction of 2.07 percent yoy.
Post-pandemic, North Sulawesi's economic growth showed a faster recovery rate, with an average growth from 2021 to 2023 reaching 5.02 percent yoy compared to the national economy's 4.53 percent yoy during the same period.
In 2024, North Sulawesi's economic performance continues to grow well and shows indications of recovery. The province's economy grew cumulatively in constant price by 5.37 percent annually (c-to-c), which was again higher than the national economy's 5.08 percent c-to-c growth.
Source: manado.antaranews.com