DBS Economist Projects Indonesia's Economic Growth To Grow 4.9 Percent In Semester II 2024

Photo: Doc. Antara

JAKARTA - Senior Economist of Bank DBSwas Rao projects Indonesia's economic growth to be at the level of 4.9 percent year on year (yoy) in the second semester of 2024.

This projection is in line with the slowdown in a number of sectors that support national economic growth, including the consumption sector and the trade sector.

"Economic growth in the second semester of 2024 is projected to be 4.9 percent (yoy), (so) by the end of the year it will be 4.9 to 5 percent," said fire at the "DBS Media Discussion" event in Jakarta, quoted from Antara, Tuesday, August 6.

He explained that in the first semester of this year, Indonesia's consumption sector was supported by several important moments, including the general election (election) and Ramadan and the Eid Al-Fitr holiday period.

"What boosted growth in the previous semester, such as elections and the celebration of Eid was no longer there. So, 5.08 percent of the first semester, 4.9 percent in the second semester, and an average of 5 percent for overall growth this year," saidef.

In addition, he continued, the performance of the trade sector, which strengthened last year, has the potential to experience a slowdown in the remainder of this year.

"Exports will only experience a little growth this year, this happens because global commodity prices are increasing and affecting demand, which of course has an impact on export performance," saidLAd.

He reminded that the new government in the future will have a lot of homework (PR) if it wants to achieve economic growth above 5 percent (yoy).

These various homeworks include encouraging investment in the manufacturing sector by utilizing mineral natural resources (SDA) through downstreaming, encouraging investment in human resources (HR), and increasing foreign investment (PMA).