2024 Economic Projections for Indonesia's Trading Partners: Mostly Positive

Economics & Macro

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Adi Ahdiat 17/04/2024 14:47 WIB

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According to IMF projections, the economic growth of Indonesia's major trading partners is generally projected to strengthen in 2024. However, some are expected to slow down, notably India and Japan.

Projected Economic Growth of Indonesia's Main Non-Oil and Gas Export Destinations (2023-2024)

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2024 Economic Projections for Indonesia's Trading Partners: Mostly Positive

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Projected Economic Growth of Indonesia's Main Non-Oil and Gas Export Destinations (2023-2024)

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The Central Bureau of Statistics (BPS) notes that there are 13 countries that are Indonesia's main trading partners in non-oil and gas exports.

The economic growth of these partner countries is generally projected to strengthen in 2024, according to projections by the International Monetary Fund (IMF).

In its April 2024 edition of the *World Economic Outlook* report, the IMF projects economic strengthening this year in 8 of Indonesia's partner countries, namely Malaysia, Taiwan, Thailand, the United States, South Korea, Singapore, the Netherlands, and Germany.

However, the IMF predicts a slowdown in growth in 5 other Indonesian partner countries, namely India, China, Australia, Japan, and Italy, with details as shown in the graph.

Compared to 2023, the highest strengthening in 2024 will occur in Taiwan, whose projected growth is up 1.7 percentage points.

Meanwhile, the deepest slowdown will occur in India and Japan, whose projected growth is down 1 percentage point each.

Although the majority of Indonesia's trading partners are likely to strengthen, the IMF assesses that the global economic conditions this year are overshadowed by the risk of geopolitical conflict.

"The conflict in Gaza and Israel could escalate to a wider region. The ongoing attacks in the Red Sea and the war in Ukraine also risk causing supply shocks that trigger surges in food, energy, and transportation prices," said the IMF.

"Geopolitical shocks could complicate the disinflation process and delay the easing of central bank policies, thus negatively impacting global economic growth," 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."

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2024 Economic Projections for Indonesia's Trading Partners: Mostly Positive

2024 Economic Projections for Indonesia's Trading Partners: Mostly Positive

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2024 Economic Projections for Indonesia's Trading Partners: Mostly Positive

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