The International Monetary Fund (IMF) has projected Indonesia's economic growth for 2024, 2025, and 2029. This year marks the active term of President Prabowo Subianto.
According to the October 2024 update of its World Economic Outlook (WEO) report, Indonesia's economic growth is estimated at only 5% in 2024. This prediction remains unchanged from July 2024.
Growth is projected to increase slightly by 0.1 percentage points in 2025 to 5.1%. This prediction is also unchanged from July 2024.
The IMF also forecasts that Indonesia's economic growth will stagnate at 5.1% in 2029. This is far from the Prabowo-Gibran target of 8%.
(Read also: [link to article about achieving 8% economic growth under Prabowo-Gibran])
The report explains that this projection is based on the latest budget with extrapolation, or estimating the value of a variable using projected Gross Domestic Product (GDP) figures.
“[The calculation] incorporates considerations to reflect the authorities’ medium-term revenue and expenditure policies,” wrote the IMF in the report published on Tuesday, October 22, 2024.
(Read also: [link to article about IMF prediction of 5% growth in 2024 and 5.1% in 2025])