RI's Economic Growth Projected to Fall Short of Govt Target

Indonesia’s economic growth is predicted to fall short of the government’s target.

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1 Feb 2024 - 17.25
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RI's Economic Growth Projected to Fall Short of Govt Target

Illustration - Rows of high-rise buildings and residential areas in DKI Jakarta. Minister of Finance Sri Mulyani Indrawati said that gross domestic product (GDP) growth last year was likely only able to reach 5% (year-on-year/YoY). This figure is lower than the target figure in the 2023 APBN and the upper limit of Bank Indonesia (BI) projections, 5.3%./Bisnis-Abdul Rahman.

Bisnis, JAKARTA — Despite the government’s prior optimism to lift Indonesia’s economic growth in 2023, global uncertainties prevail over the government’s efforts, resulting in the gross domestic product (GDP) target also missing the mark.

On Tuesday (1/30/2024), Finance Minister Sri Mulyani Indrawati revealed last year’s GDP growth is likely to hover only around 5 percent (year-on-year/YoY). This figure is lower than the target set by the 2023 state budget and the upper limit of Bank Indonesia's (BI) projection at 5.3 percent.

The government has given in to projections of several international institutions that have consistently set the domestic GDP growth target at only 5 percent for last year. Among them are the World Bank, Fitch Ratings, and the latest, the International Monetary Fund (IMF). In the World Economic Outlook January Update, the IMF viewed Indonesia's economy as only capable of growing by 5 percent last year.

Similarly, the Bloomberg economic consensus predicted growth from 4.8 to 5.1 percent, with an average estimate of 4.9 percent. Indonesia’s projected GDP stagnation is also attributed to slowdowns in the global economy, including major trading partners such as China and the United States.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.