IMF Predicts Stable Indonesian Economy Amidst Global Slowdown

Economics & Macro

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Adi Ahdiat 11/10/2023 12:00 WIB

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According to IMF projections, Indonesia's economic growth rate in 2023 and 2024 could remain stable at 5%, even with a global economic slowdown.

IMF Projections of Global and Indonesian Economic Growth (2023-2024)*

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IMF Predicts Stable Indonesian Economy Amidst Global Slowdown

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IMF Projections of Global and Indonesian Economic Growth (2023-2024)*

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In its October 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projects that Indonesia's economic growth could remain stable at 5% during 2023-2024.

Meanwhile, global economic growth is predicted to slow from 3% in 2023 to 2.9% in 2024.

The IMF did not detail the factors that could support Indonesia's economic stability over the next year.

However, the IMF generally outlined several factors that could burden global economic growth, one of which is commodity price volatility.

"Commodity prices could be more volatile if political tensions and climate change-related disruptions occur," said the IMF.

"Oil prices have risen by about 25% due to supply cuts from OPEC+. Food prices remain high with the escalating war in Ukraine. Geoeconomic fragmentation is also causing higher commodity distribution prices across regions," it continued.

The IMF also assesses that the world still faces inflation risks in the coming period.

"Short-term inflation expectations have risen well above targets, although they now appear to be improving," said the IMF.

"With tight labor markets, excess savings in some countries, and adverse energy price developments, inflation could become more entrenched, requiring stronger action from central banks," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."