Coordinating Minister Nasution: More People Love to Buy Land Compared to Savings

Jakarta – Coordinating Minister for Economic Affairs Nasution assess Indonesian people tend to prefer to buy land than savings in banks. According to him, it became one of the factors that made the low level of third party funds (DPK) in the form of deposits or savings to GDP, factors other than still consumptive behavior of society in the country.

“Actually the factors that most influence on ‘saving’ (savings) in addition to consumption, ya land speculation. Our nation was glad to ‘saving’ on the ground,” Nasution said after attending the event “Meeting 100 Indonesian Economist” which was also attended by President Joko Widodo in Jakarta, Tuesday (06/12/2016).

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According to Nasution, the behavior of these people is not good because it will make more expensive land prices, although the fact is the case. Nasution himself regretted that still many people who save their money in banks.

“This should start us thinking, can not be the” saving “it works and purchase of land, it is not healthy. But what was worse, ‘saving’ in the securities and banking are not as high as it should be, “Nasution said.

Based on data from the Financial Services Authority, the ratio of savings to gross domestic product (GDP) or Savings to GDP Ratio Indonesia still be in a position relatively low, at 34.8% in 2015.

the figure is lower than other neighboring countries, such as Singapore which is the ratio of savings to GDP reached 49% and Philippines 46% in addition, the development of the average household savings ratio to total revenue in Indonesia is still low, at 8.5%. the ratio of household savings lowest income is only 5.2% and the highest income households stood at 12.6%.

President Joko Widodo companies expect in 2019 the ratio of savings to GDP can be increased to 75%.

“savings in 2019 at least 75%, is still 35%,” said Jokowi.

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