Indonesian Govt. Optimistic about Economic Growth in 2024

Indonesian Govt. Optimistic about Economic Growth in 2024

Jakarta, The Gulf Observer: Indonesian Ministry of National Development Planning/National Development Planning Agency (Bappenas) in Indonesia projects a positive trajectory for the country’s economy in 2024, anticipating stronger growth compared to 2023, despite the prevailing global economic slowdown.

Amalia Adininggar Widyasanti, the Deputy of Economic Affairs at the ministry, made this announcement during the launch of the 2023 Indonesia Economic Report. Several international agencies, she noted, have indicated that Indonesia’s economy is expected to exhibit resilience amid the ongoing global economic challenges.

The Indonesian government has set an ambitious target for the national economy in 2024, aiming for a growth rate of 5.3 percent. This projection surpasses the 5.1 percent growth target set for 2023.

Widyasanti emphasized that Indonesia’s robust economic foundation positions the country well for achieving stronger growth in 2024, even amidst global uncertainties and anticipated economic divergences in the coming years.

Highlighting the positive outlook, she pointed to the Organisation for Economic Cooperation and Development (OECD), which forecasts Indonesia’s economy in 2024 to outpace the previous year. This affirmation from the global community reflects confidence in Indonesia’s ability to recover and sustain economic growth in the five-percent range, returning to pre-COVID-19 pandemic levels.

Governor of Bank Indonesia (BI), Perry Warjiyo, echoed optimism while urging vigilance in 2024. He emphasized the importance of enhancing synergy between economic policies and efforts to strengthen national economic resilience. BI projects Indonesia’s economy in 2024 to grow between 4.7 to 5.5 percent, contingent upon maintaining internal and external economic stability.

Warjiyo expressed confidence in managing inflation within the expected target of 2.5 percent, with a credit growth of 10-12 percent in the banking sector and an improvement in the rupiah’s exchange rate in 2024.

The Ministry of National Development Planning remains steadfast in its commitment to fostering economic resilience and growth, contributing to Indonesia’s position as a key player in the global economic landscape.