IMF: Indonesia's Public Debt Quadruples in Two Decades

According to the International Monetary Fund (IMF) projection, Indonesia's nominal Gross Domestic Product (GDP) in 2024 could reach US$1.4 trillion.

This figure is 4.51 times higher than the nominal GDP in 2005, as detailed in the graph.

"In the last two decades, Indonesia has undergone a remarkable transformation. This Southeast Asian nation has quadrupled its GDP to US$1.4 trillion," the IMF stated in a post on its official Instagram account, @the_imf, on Sunday (December 29, 2024).

Responding to the data, Finance Minister Sri Mulyani stated that Indonesia's transformation was influenced by economic policies focused on strengthening the fiscal and investment sectors.

"We built infrastructure and improved the investment climate through legal changes to create a good ecosystem," Sri Mulyani said in a press release on the Ministry of Finance website on Monday (December 30, 2024).

"We also invested in human resources by allocating 20% of the State Budget (APBN) to education. Through scholarships, we have funded 50,000 people to study at the world's best universities."

"However, we cannot fund everything with public money. Therefore, we are developing public-private partnerships and continuously improving the business and investment climate," Sri continued.

On the same occasion, the IMF also highlighted Indonesia's achievement in reducing the extreme poverty rate.

"The proportion of the Indonesian population living on less than $2.15 a day has decreased tenfold, to less than 2 percent," the IMF said in its post.