Ministry: Economic Growth Expected in 2024 Political Year

2024 will see general elections in Indonesia, which historically negatively impacts the economy. However, Tempo are reporting that Febrio Kacaribu, the Finance Ministry’s head of fiscal policy agency, has projected that Indonesia’s economic growth during the 2024 political year will grow higher than this year’s projection of 5.3-percent. 

“Next year, with policies that continue to be consistent and carefully consolidated, we hope to be able to manage our economy well and take advantage of the opportunities that exist and see growth at 5.3 to 5.7-percent,” said Febrio in a press conference at the Ministry’s headquarters on Wednesday, May 31. 

He claimed the projection had taken into account the effects of the political year, due to the 2024 general elections. Economic growth and inflation, next year, will also be managed correctly. In addition, the rupiah will strengthen, with a lower interest rate. This, Febrio argued, is due to the country’s credible fiscal governance, report Tempo.

“The market can see that our fiscal credibility really stands out compared to many countries, from the choices they place in their investments,” he said.

Tempo say that Febrio has predicted that the implementation of next year’s elections will have a positive impact, including accelerating economic transformation which will also continue, and structural reforms that will increase the ease of doing business, seize opportunities for industrial relocation, and strengthen the competitiveness of export and investment products.

Source: Tempo

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