BI Optimistic That The Indonesian Economy In The First Quarter Of 2024 Is Higher

JAKARTA - Bank Indonesia (BI) said that the Indonesian economy remains resilient amid increasing global uncertainty.

BI Governor Perry Warjiyo said Indonesia's economic growth in the first and second quarters of 2024 is expected to be higher than from the fourth quarter of 2023, supported by domestic demand that remains strong from household consumption in line with Ramadan and Eid al-Fitr 1445 H.

Perry conveyed that building investment is higher than predicted, supported by the continuation of National Strategic Projects (PSN) in a number of areas and the development of private property as a positive impact of Government incentives.

"Nevertheless, household consumption and non-development investment need to be encouraged to support the continued national economic recovery," he explained at a press conference, Wednesday, April 24, 2024.

According to Perry, the export performance of goods has not been strongly influenced by the decline in commodity exports in line with the decline in commodity prices and demand from key trading partners, such as China, which is still weak.

Meanwhile, based on the Business Field (LU), the Industrial Sector for Processing, Information and Communication, Trade, Large and Retail, and Construction are predicted to grow strongly.

Perry said spatially that economic growth in all regions remains good, supported by domestic demand, especially household consumption.

According to Perry, with these various developments, economic growth in 2024 is predicted to be in the range of 4.7 percent-5.5 percent.

In the future, Perry said that Bank Indonesia will continue to strengthen policy synergies with the Government, including through the Government's fiscal stimulus with a macroprudential stimulus of Bank Indonesia, to support sustainable economic growth, especially in terms of domestic demand.