JAKARTA - Bank Indonesia (BI) projects that the ASEAN-5 economy will grow by 5.6 percent in 2024 compared to the previous year (year-on-year/yoy) or a significant increase from this year's estimate of 4.6 percent (yoy).
"This strong growth will also be supported by stable macroeconomic indicators," said BI Governor Perry Warjiyo at the High Level Seminar event entitled "ASEAN Matters-Epicentrum of Growth" in Jakarta, quoted from Antara, Tuesday, March 7.
ASEAN-5 countries consist of Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
Perry explained that one of the macro indicators in question is ASEAN-5 inflation which is estimated to fall to 3.2 percent (yoy) in 2024 from 3.3 percent in 2023.
For this year, he said ASEAN-5 economic growth would indeed slow down slightly from 5.3 percent (yoy) in 2022 to an estimate of 4.6 percent (yoy), as a result of the global economic slowdown.
In addition, high inflation in 2021 of 6.3 percent (yoy) will also have little impact on this year due to uncertainty in global commodity prices, supply chains, and COVID-19.
However, Perry said the estimated ASEAN-5 economic growth this year is still high when compared to other countries. That way, ASEAN becomes one of the epicenter points of world growth.
"Quickly, the ASEAN-5 economy can grow high and ASEAN-5 can quickly achieve stability, both macroeconomic stability and financial stability," he said.
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