World Bank Revises Indonesia's Economic Growth Projection to 5% in 2024

Economics & Macro

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Erlina Fury Santika 14/06/2024 17:40 WIB

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The World Bank predicts Indonesia's economic growth will reach 5% in 2024, up from its January 2024 forecast of 4.9%.

Indonesia's Real GDP Growth Based on World Bank Projections (2021-2026)*

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World Bank Revises Indonesia's Economic Growth Projection to 5% in 2024

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Indonesia's Real GDP Growth Based on World Bank Projections (2021-2026)*

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The World Bank projects Indonesia's economic growth to reach 5% in 2024. This projection is a revision upward from the January 2024 estimate of 4.9%.

Meanwhile, projections for 2025 and 2026 remain at the same level, namely 5.1%. This forecast is down 0.2 percentage points from the January 2024 estimate of 5.3%.

The World Bank cites Indonesia and India as two examples of strong economic performance.

"Indonesia is expected to benefit from a growing middle class and generally prudent economic policies, growing at an average of 5.1% over the next two years," the World Bank wrote in a report published on June 4, 2024.

India's economy, meanwhile, is supported by strong domestic demand, with a surge in investment and robust services activity. The Indian economy is projected to grow at an average of 6.7% per fiscal year from 2024 to 2026—driving South Asia as the world's fastest-growing region.

"The performance of these and several other countries makes clear that high growth can be sustained—even under difficult conditions," said the World Bank.

The World Bank also stated that countries can boost long-term growth by implementing policies that build human capital, enhance productivity, improve the efficiency of public spending, and encourage more women to enter the workforce.

Overall, global growth is projected to stabilize at 2.6% in 2024. The World Bank notes this is the first time in three years that this figure has held steady, despite rising geopolitical tensions and high interest rates.

"This growth is then expected to increase to 2.7% in 2025-2026 amid moderate growth in trade and investment," said the World Bank.

Editor : Erlina Fury Santika

"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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World Bank Revises Indonesia's Economic Growth Projection to 5% in 2024

World Bank Revises Indonesia's Economic Growth Projection to 5% in 2024

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World Bank Revises Indonesia's Economic Growth Projection to 5% in 2024

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