Indef Estimates 4.8% Hike in Indonesia's Economic Growth Next Year

TEMPO.CO, Jakarta - The Institute for Development of Economic and Finance or Indef forecasted Indonesia's economic growth at 4.8 percent in 2024. This estimation is lower than the government's 5.2 percent projection.

Indef deputy chief Eko Listiyanto stated that his office projected economic growth based on several indicators, among others, global economic challenges. 

"Note that we will no longer enjoy commodity windfall next year," he said during an online seminar on Wednesday, Dec. 6, 2023.

Therefore, Indef estimated that Indonesia's economic growth will be lower than the macro assumption previously included in the 2024 State Budget.

Eko dissented that a 4.8 percent growth is not a bad thing, however, since global economic growth is expected to hit 2.8 percent. "We'll grow twice as big as the global level," he said.

Albeit not accelerated, a 4.8 percent growth means the economy will not experience a recession. He also expressed hopes that the government's target of 5.2 percent economic growth will be achieved, even if it won't be without challenges. 

President Joko Widodo or Jokowi earlier reported that the government targeted economic growth to reach 5.2 percent in 2024 during a plenary session at the House of Representatives. 

Jokowi mentioned that macroeconomic stability and the political situation surrounding upcoming elections will be maintained to increase short-term economic optimism.

AMELIA RAHIMA SARI | ANTARA

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