Bamsoet Optimistic That Indonesia's Economy In 2024 To Be Ranked 5th In The World After China, US, India, And Japan

Chairman of the People's Consultative Assembly, Bambang Soesatyo. (Photo: Doc. Antara)

JAKARTA - Chairman of the MPR RI Bambang Soesatyo is optimistic that Indonesia's economic strength in 2024 can be ranked fifth in the world after China, the United States, India and Japan, as predicted by the world statistics portal Statista.

According to Bamsoet, Bambang Soestayo's nickname, this optimism arises because the study conducted by Statista utilizes various economic indicators from the International Monetary Fund (IMF) so that its accuracy is reliable.

"The study published in the Statista portal uses various economic indicators sourced from the IMF, such as the balance of the state's purchasing power (purchasing power parity) and international dollars so that the accuracy is very reliable," he said, quoted from Antara, Tuesday 10 May.

Even so, continued Bamsoet, the entire Indonesian nation should not be complacent about this prediction. On the other hand, according to Bamsoet, it takes hard work from all parties, including the government, the business world, and the wider community to realize this prediction.

"We also need support and a conducive and stable domestic political situation or well maintained," he added.

Furthermore, Bamsoet explained that Statista's prediction of placing Indonesia in the fifth rank of the world economy in 2024 was not without careful calculation.

As one illustration, he said, Monday morning the Central Statistics Agency (BPS) reported that Indonesia's economic growth in the first quarter of 2022 was 5.01 percent year on year (YoY). This condition increased compared to the first quarter of 2021 which contracted minus 0.70 percent.

"BPS also recorded that Indonesia's trade balance surplus reached 9.33 billion US dollars, while the value of gross domestic product (GDP) at current prices was Rp. 4.513 trillion and the value of GDP at constant prices was Rp. 2.819 trillion," explained Bamsoet. .

He also said that one of the factors supporting Indonesia's economic strength is improving household consumption.

"This improved household consumption is the fruit of the success of the efforts to break the chain of the spread of COVID-19 by the Government and the community. In fact, the breaking of the chain of spread of COVID-19 has also restored investor confidence in Indonesia," he said.

The chairman of the MPR RI added that apart from the basis of economic fundamentals, there are also various other potentials that can lead Indonesia to rank in the top 5 world economic powers.

"For example, the large population of 270 million people, of which 20 percent or around 50-60 million people are classified as middle class. Indonesia is also experiencing the golden age of demographic bonus because productive age (15-64 years) dominates the population. in the country," he said.

The productive age plays a role in strengthening the Indonesian economy, especially in 2024.