Indonesia’s Economy Set for 5.1% Growth in 2024, Says Finance Minister

JAKARTA, RAKYAT NEWS – Finance Minister Sri Mulyani Indrawati expressed optimism about Indonesia’s economic outlook, predicting a 5.1% annual growth rate for 2024.

She noted that the economy is expected to continue its positive trajectory in Prabowo Subianto’s initial year in office, with a projected growth rate of 5.2% for 2025.

Speaking at a press conference following a Financial System Stability Committee meeting at Bank Indonesia, Sri Mulyani attributed this growth to robust domestic demand and ongoing structural reforms. She highlighted sectors that create jobs and add significant value as key contributors.

The minister emphasized that Indonesia’s economy remains resilient amid global uncertainties, projecting above 5% growth in the third quarter of 2024, supported by household consumption and investment, particularly from the upper-middle class.

Investment is expected to rise as several strategic national projects, including the new capital city, progress. Additionally, non-oil and gas exports are anticipated to improve due to stronger manufacturing and mining outputs.

Sri Mulyani also outlined government policies aimed at maintaining consumer purchasing power, price stability, and social protection programs as vital supports for economic activity. She noted that the upcoming simultaneous regional elections and increased holiday mobility could further boost consumption.

Manufacturing and trade are expected to be the main drivers of economic growth, supported by maintained consumer purchasing power and increased production value.

This positive outlook comes amid efforts to ensure stability and growth as Indonesia navigates both domestic and international. (Uki Ruknuddin)