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Bappenas projects Indonesia's economy to grow stronger in 2024

Jakarta (ANTARA) - The Ministry of National Development Planning/National Development Planning Agency (Bappenas) projected that Indonesia's economy in 2024 would grow better than in 2023 despite the trend of slowdown in the global economy.

"Several international agencies have stated that Indonesia's economy, amidst the ongoing global economic slowdown, is projected to grow stronger than in 2023," the ministry's Deputy of Economic Affairs, Amalia Adininggar Widyasanti, stated during the 2023 Indonesia Economic Report's launch agenda here, Wednesday (January 31).

The Indonesian government targets the national economy in 2024 to grow by 5.3 percent, higher than the 2023 economic growth projection set at 5.1 percent.

She affirmed that Indonesia has a solid foundation to develop a stronger economy in 2024 despite uncertainty looming over the global economy and its divergence that is expected to continue in the upcoming years.

The official pointed out that the Organisation for Economic Cooperation and Development (OECD) also forecast Indonesia's economy in 2024 to grow better than last year.

"This is a positive sign that the global community believed that Indonesia can recover and maintain its economic growth in the five-percent range, returning to the preCOVID-19 pandemic growth level," Amalia noted.

Meanwhile, Governor of Bank Indonesia (BI) Perry Warjiyo highlighted the need to remain vigilant while being optimistic in 2024 as well as to enhance synergy between economic policies and efforts to strengthen national economic resilience in 2024.

The central bank projected Indonesia's economy in 2024 to grow by 4.7 to 5.5 percent, provided that internal and external economic stability are preserved.

Warjiyo is also optimistic that inflation would be manageable to the expected target of 2.5 percent, give or take one percent; banking credit would grow by 10-12 percent; and the exchange rate of the rupiah would improve in 2024.

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