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Indonesia's Economic Growth Projection until 2024: Danareksa Version

Viva Budy Kusnandar 12/07/2022 19:20 WIB

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Danareksa projects Indonesia's economy to grow in the range of 4.91%-5.26% in 2022, and to reach 5.2%-5.35% in 2024.

Indonesia's Economic Growth Projection (2022-2024)

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Indonesia's Economic Growth Projection until 2024: Danareksa Version

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Indonesia's Economic Growth Projection (2022-2024)

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In its July 2022 edition of the thematic quarterly outlook report, *Global Uncertainty and Domestic Economic Opportunities*, the Danareksa Research Institute (DRI) projected that the Indonesian economy would grow in the range of 4.91%-5.26% in 2022.

DRI is also optimistic that the Indonesian economy will continue to grow in the range of 5.11%-5.28% in 2023, and then 5.2%-5.35% in 2024.

"Based on recent economic developments, as well as potential and future challenges, the domestic economy is expected to continue its recovery," wrote DRI in its report.

However, DRI cautioned that Indonesia faces several challenges in achieving this growth.

"Rising inflation is a challenge in the economic recovery process in 2022. Looking ahead, inflation is expected to continue rising, triggered by increases in energy prices (fuel, electricity, and LPG gas) in line with high global commodity prices," explained DRI.

DRI noted that Bank Indonesia (BI) is still maintaining its benchmark interest rate (BI7DRR) at 3.5% to support public purchasing power, which has not fully recovered from the impact of the Covid-19 pandemic.

BI has also implemented monetary tightening by raising the minimum reserve requirement (GWM) for conventional commercial banks to 5% in March 2022, from the previous 3.5%. However, DRI considers this measure insufficient.

"In the long term, an increase in GWM has a relatively insignificant impact on inflation because an increase in GWM does not affect the level of public consumption," explained DRI.

Therefore, DRI projects that BI will raise its benchmark interest rate as inflation increases in the future.

"In response to rising domestic inflation, BI will increase its benchmark interest rate (BI7DRR) once inflation reaches the upper bound of the predetermined range," DRI predicts.

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."

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Indonesia's Economic Growth Projection until 2024: Danareksa Version

Indonesia's Economic Growth Projection until 2024: Danareksa Version

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