Indonesia's economy to grow at 5-5.1% in 2024-2025: IMF
The International Monetary Fund (IMF) has projected that Indonesia's economy will grow at 5-5.1% in the 2024-2025 period and remain at 5.1% in the 2025-2029 period.
A street in Central Jakarta. Photo courtesy of jakartaglobe.id.
The forecast is against the growth target of 8% that Indonesian President-elect Prabowo Subianto had promised.
In its 2024 country report released on August 13, the IMF predicts that Indonesia's economic growth will reach 5% and 5.1% in 2024 and 2025, respectively, with dynamic domestic demand offsetting the drag from weaker commodity prices.
However, the IMF is optimistic that the country’s medium-term growth will rise to 6-7% annually, driven by economic transformation through structural reforms aimed at achieving the 2045 Golden Indonesia Vision.
This includes comprehensive efforts to enhance human capital, continue developing infrastructure, and improve the business and investment climate.
Meanwhile, Prabowo is confident that Indonesia can achieve the economic growth of 8% within two or three years.
According to the government data released earlier this month, Indonesia's economy grew at an annual rate of 5.11% in the first quarter of this year, the highest in the last three quarters.
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