JAKARTA, Aug. 16 (Xinhua) -- Indonesian President Joko Widodo on Friday set an economic growth target of 5.3 percent for next year, similar with this year's growth expectation.

The president told lawmakers during his speech one day ahead of the commemoration of the country's 74th Independence Day that he proposed a 2,528.8 trillion rupiah (178 billion U.S. dollars) development budget for 2020, which represented a 3 percent increase year on year.

"The state budget policy in 2020 is designed to be expansive but remain targeted and measured," said the president.

Indonesia, southeast Asia's biggest economy, expanded by 5.17 percent last year.