Jakarta (ANTARA) - Minister of Finance Sri Mulyani Indrawati projected that Indonesia's economic growth will hit 5.17 percent in the first quarter (Q1) of this year.

"With positive trends at the consumer level, manufacturing industry, foreign direct investment, and price managers' index (PMI), we forecast that Indonesia's economic growth will be at 5.17 percent in 2024 Q1," she remarked at a press conference in Jakarta on Friday.

Indrawati also outlined that the International Monetary Fund had projected Indonesia's economic growth this year to stand at five percent, World Bank estimating 4.9 percent, and the Organization for Economic Cooperation and Development (OECD) forecasting 5.1 percent.

Meanwhile, Bloomberg projected Indonesia's economic growth at five percent; BCA, 5.1 percent; Goldman Sachs, 4.9 percent; Moody's, 4.7 percent; and Nomura, 5.3 percent.

She then explained that the Finance Ministry's economic growth projection was based on the government's consumption that is expected to continue to grow after the 2024 General Elections, an increase in the distribution of civil servants' salaries and Eid allowance, and well-controlled inflation.

"Praise be to God, Indonesia's economy is at a good level, as reflected in the relatively high score in PMI, expansive manufacturing activities, and the preferred score of 123.8 in the consumer confidence index," she stated.

The state treasurer further noted that the value of investments is expected to increase owing to the development of various national strategic projects and the new capital city Nusantara.

Despite Indonesia's economy staying resilient, Indrawati affirmed that the government would continue to pay attention to the global dynamics that might lead to economic disruptions.

"We still need to monitor developments in the next three quarters," she remarked.

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Translator: Bayu S, Tegar Nurfitra
Editor: Rahmad Nasution
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