IMF Projection: Indonesia's Economic Growth Stable Through 2024

Economics & Macro

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Adi Ahdiat 26/07/2023 17:30 WIB

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The IMF projects Indonesia's economic growth to remain stable at 5% in 2023 and 2024. However, several opportunities and challenges could affect this projection.

Indonesia's Economic Growth Projections according to the IMF (2022-2024)

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IMF Projection: Indonesia's Economic Growth Stable Through 2024

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Indonesia's Economic Growth Projections according to the IMF (2022-2024)

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The International Monetary Fund (IMF) released its World Economic Outlook (WEO) report for July 2023 on Tuesday (July 25, 2023). The report projects Indonesia's economic growth to remain stable at 5% in 2023 and 2024. However, the IMF identifies several opportunities and challenges that could affect the Indonesian economy in the coming year.

According to the IMF's Country Report No. 2023/221, Indonesia's economy could grow faster than projected if there is an increase in net exports to China. This is possible if China's economic recovery is stronger than the IMF anticipates.

"Domestic demand may also grow surprisingly due to expansive fiscal measures ahead of the 2024 elections," the IMF stated in Country Report No. 2023/221.

Conversely, Indonesia's economic growth could be lower than projected due to global economic uncertainty.

"An unexpectedly sharp global economic slowdown could weaken trade and depress prices of Indonesia's main export commodities," the IMF stated in Country Report No. 2023/221. "Shifts in market sentiment could trigger a sudden tightening of financial conditions, prompting capital outflows from developing countries and causing rupiah depreciation."

"The intensification of geopolitical conflicts and resulting economic sanctions could also disrupt supply chains and strengthen inflationary pressures," the IMF added.

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."