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Government and House of Representatives Revise Indonesia's 2024 Economic Growth Assumptions

Adi Ahdiat 14/07/2023 17:40 WIB

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The Indonesian government and House of Representatives revised the assumed economic growth for 2024, adjusting it from an initial projection of 5.3%–5.7% to a revised range of 5.1%–5.7%.

Indonesia's 2024 Economic Growth Assumptions According to the Government and the House of Representatives (June 2023)

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Indonesia's 2024 Economic Growth Assumptions According to the Government and the House of Representatives (June 2023)

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The Indonesian government and the House of Representatives (DPR) have agreed on several macroeconomic assumptions for the preparation of the 2024 State Budget (RAPBN).

One of these assumptions states that the Indonesian economy in 2024 could grow in the range of 5.1% to 5.7%.

"The assumption of economic growth, initially projected at 5.3%–5.7%, has been adjusted to 5.1%–5.7% to be more realistic, in line with recent developments and external challenges and risks," stated the Ministry of Finance team in its press release (June 8, 2023).

The lower bound of the growth assumption was reduced due to reasons related to the global situation.

"Participants in the working meeting (Government and DPR Commission XI) are of the opinion that the escalation of geopolitical tensions has caused increased uncertainty and global fragmentation, significantly impacting international investment and trade flows," said the Ministry of Finance team.

"Indications of a slowdown in global economic performance are also increasingly visible, especially in many developed countries and China," it continued.

According to the Ministry of Finance team, several domestic economic indicators are showing expansionary signals, such as consumption activity showing a strengthening trend.

However, the domestic economy could also be impacted by global dynamics, particularly regarding a decline in export performance.

"Investment performance also has the potential to be hampered, in line with the wait-and-see attitude of businesses regarding global economic dynamics and the period leading up to the general election," said the Ministry of Finance team.

On the other hand, in its April 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projects that Indonesia's economic growth will reach 5.1% in 2024.

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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Government and House of Representatives Revise Indonesia's 2024 Economic Growth Assumptions

Government and House of Representatives Revise Indonesia's 2024 Economic Growth Assumptions

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