TheJakartaPost
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According to the latest S&P Global report, Indonesia’s manufacturing purchasing managers’ index (PMI) remained in contraction territory at 47.4 in May, albeit slightly improved from 46.7 in the previous month.
Bank Mandiri projects that Indonesia’s gross domestic product growth will grow to 4.93 percent year-on-year (yoy) this year, while Bank Permata forecasts 4.78 percent. Both mark a slower pace from 5.02 percent last year.
The pessimistic scenario is that the first quarter was bad but that things will only get harder from now on, given the uncertainty ahead. The optimistic view is that, while global factors are largely out of our control, there are steps we can take at home to prepare our country.
Consumer confidence in Indonesia has improved slightly but remains at a low level, with an April survey by the central bank showing respondents more positive on the current state of the economy, even as they expect worse times to lie ahead.
Given a recent decline in Indonesia’s economic growth and unfavorable global circumstances, pushing gross domestic product (GDP) growth toward the targeted 8 percent rate could lead to imprudent fiscal spending, a think tank has warned.
Economic growth in Prabowo Subianto’s first full quarter as president has touched the slowest pace since the coronavirus pandemic as the Ramadan boost failed to significantly jack up consumer spending and investors fretted about global uncertainty while government spending contracted.
