OECD lowers Indonesia's growth forecast to 4.7%
The Organisation for Economic Cooperation and Development (OECD) has lowered its forecast for Indonesia's economic growth down to 4.7% this year, from the previous 4.9%, due to weakened domestic sentiment and heightened external risks.
A cargo port in Semarang city of Central Java province, Indonesia. Photo courtesy of Getty Images/VNA
Official data from Statistics Indonesia showed that the economy grew by only 4.87% in the first quarter of this year, the slowest pace in more than three years and falling short of the 5% average growth it had maintained for years.
The OECD expected domestic demand in Indonesia to recover in the second half, supported by easier financial conditions, contained inflation, and investments from Danantara, Indonesia’s newly established sovereign wealth fund.
Regarding Indonesia’s exports, the OECD projected growth of just 4% this year, a sharp slowdown from the 6.5% growth recorded in 2024. Export growth is forecast to decelerate further to just 1.9% next year.
The Indonesian Government hoped that joining the OECD will help the country achieve its vision of becoming a developed economy by 2045, known as the Golden Indonesia Vision.
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