One Round Presidential Election, BI Boss Optimistic That Indonesia's Economy Will Grow 5.1 Percent In 2024

JAKARTA - Governor of Bank Indonesia (BI) Perry Warjiyo said that with the results of the one-round general election, it is estimated that Indonesia's economic growth will reach 5.1 percent in 2024.

"With only one turn of the presidential election, we estimate that this year's economic growth will be more than 5.1 percent," Perry said at the Mandiri Investment Forum 2024 event, Tuesday, March 5, 2024.

Furthermore, Perry estimates that by 2025 Indonesia's economic growth will be in the range of 4.8 percent to 5.6 percent with a midpoint above 5.2 percent. A little above the midpoint of growth this year, which is 5.1 percent with a range of 4.7 percent to 5.5 percent.

Perry conveyed that another factor that affects economic growth is the continuation of Indonesia's export performance which will still grow strong and people's consumption is still high.

"Especially for the middle class and upper class. But more than that, we will also get from investment, not only for construction but also for non-construction," he said.

Perry believes there is no longer any reason for investors to withhold business expansion or still apply a wait and see attitude and invite employers to no longer delay investment.

"So don't wait and see anymore, you've seen a lot of things and why do you still have to wait and see. If you don't invest now, you will lose profit opportunities because in the future the economy will be higher," he said.

According to Perry, Indonesia's economic growth will continue and it is estimated that by 2027 it will be in the highest position and there is still room to continue to grow.

"Indonesia's economy is still moving below its potential and BI estimates we will be at its top level in 2027, so there is still room to grow," he concluded.