OECD Projects a Bright Outlook for the Indonesian Economy Through 2024

Economics & Macro

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Adi Ahdiat 24/11/2022 13:20 WIB

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Amidst a gloomy global situation, the OECD projects relatively strong economic growth for Indonesia through 2024.

OECD Projections of Global and Indonesian Economic Growth (2021-2024)

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OECD Projects a Bright Outlook for the Indonesian Economy Through 2024

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OECD Projections of Global and Indonesian Economic Growth (2021-2024)

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The Organisation for Economic Co-operation and Development (OECD) projects a challenging global economic pace until 2024.

In its November 2022 edition of the *Economic Outlook* report, the OECD predicts that global Gross Domestic Product (GDP) growth will weaken from 3.1% in 2022 to 2.2% in 2023, and only slightly recover to 2.7% in 2024.

This OECD projection is more optimistic than the forecast by the World Bank, which estimates that global economic growth could fall to 0.5% in 2023 and 2% in 2024.

However, the OECD projection still appears pessimistic compared to the International Monetary Fund (IMF), which believes the global economy could grow by 2.7% in 2023.

"The global economy faces increasingly challenging headwinds. Economic growth has lost momentum, inflation remains stubbornly high, market confidence is weakening, and uncertainty is high," the OECD stated in its report.

"Russia's aggression against Ukraine has driven up prices substantially, particularly for energy commodities. This adds to inflationary pressures at a time when the cost of living is already surging worldwide," it added.

Fortunately, amidst this gloomy situation, the OECD forecasts a relatively bright outlook for the Indonesian economy, projecting growth of 4.7% in 2023 and 5.1% in 2024.

"Indonesia's growth is projected to remain buoyant, supported by strong demand for key export commodities and pent-up consumption since the pandemic," said the OECD.

"Indonesia's GDP growth will remain close to 5% in 2023 and 2024, while inflation will fall below 4% due to the impact of monetary tightening," it continued.

Despite this, the OECD noted several risks that could hinder Indonesia's economic growth.

"Energy, fertilizer, food security issues, and social tensions ahead of the 2024 elections are key risks. Monetary policy should remain tight, while support for vulnerable households should be maintained," the OECD advised.

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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OECD Projects a Bright Outlook for the Indonesian Economy Through 2024

OECD Projects a Bright Outlook for the Indonesian Economy Through 2024

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