"Indonesia's economy continues to grow well, supported by domestic demand. Household consumption and investment continue to grow in line with public confidence and the continued completion of national strategic projects," the central bank governor stated here on Thursday.
Warjiyo made the statement at the Announcement of the Results of the Monthly Board of Governors' Meeting for December 2023.
According to Warjiyo, the growth is confirmed by several main indicators as of December 2023, such as consumer confidence, retail sales, and Purchasing Managers' Index (PMI) in manufacturing.
He also noted that Indonesia's export performance tends to be better in line with increasing demand from several major trading partners of the country, such as the United States and India.
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Based on the business fields, he noted that Indonesia's economic performance is mainly encouraged by wholesale and retail trade, the processing industry, and construction.
He stated that in 2024, the performance of consumption, both government and the private sector, and investment is projected to continue to grow in line with the confidence that public consumption will remain good, positive impacts of the general elections, and the continuity of national strategic projects.
With the growth, he said, Indonesia's economic growth in 2024 is projected to rise to around 4.7 percent to 5.5 percent.
Warjiyo affirmed that going forward, the central bank will continue to strengthen the synergy of Indonesia's macroprudential stimulus and the government's fiscal stimulus to encourage economic growth, especially from the demand side.
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Translator: Martha Herlinawati, Raka Adji
Editor: Jafar M Sidik
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