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BI projects up to 5.5% GDP growth for 2024
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The logo of Bank Indonesia (BI) is pictured at its headquarters in Jakarta on Jan. 17, 2019. (Reuters/Willy Kurniawan)
B
ank Indonesia (BI) expects the Indonesian economy to grow between 4.7 and 5.5 percent in 2024, based on quarterly and annual growth figures from 2023, BI spokesman Erwin Haryono said on Monday.
The central bank said the country had seen commendable economic growth of 5.05 percent for 2023, despite the sluggish global economy.
According to Statistics Indonesia (BPS), the country saw 5.04 percent year-on-year (yoy) economic growth in the fourth quarter of 2023, 0.1 percent above the previous quarter’s growth of 4.94 percent yoy.
"[The 2024 growth projection] is bolstered by domestic demand, particularly consumption ahead of the upcoming general election, and increasing investment, specifically building investment given the ongoing national strategic projects, including the new capital city development," Erwin said in a press release on Monday.
BI attributed the 2023 fourth quarter performance to improved consumer purchasing power, increased consumer confidence and a boom in travel during the Christmas and New Year holidays.
Despite the positive outlook for 2024, BI said Indonesia's commodity export performance remained weak because of global economic issues and depressed commodity prices.
To address this challenge, Erwin said BI would continue to reinforce the government's fiscal stimulus with its own monetary stimulus to support economic growth with a focus on domestic demand.
