REPUBLIKA.CO.ID, JAKARTA -- Indonesia will hold general elections (elections) in February 2024. Bank Indonesia (BI) said the elections could be a driver of economic growth in terms of consumption.
"The election will of course still improve the economy. This comes from government and private consumption," said Deputy Governor of Bank Indonesia Aida S Budiman at the BI Monthly RDG press conference in December 2023, Thursday (Dec.21, 2023).
Aida emphasized that the size of the consumption portion that increases depends on the election cycle. Even so, Aida said that the impact would be felt in 2023 because there were preparations for the election, but it would be felt the biggest in 2024.
"If there are two rounds, it could be 0.6 percent of consumption, not GDP. Then BI estimates that in 2024 economic growth will be 47.7 percent–5.5 percent," she added.
BI stated that the Indonesian economy is currently continuing to grow well, supported by domestic demand. BI Governor Perry Warjiyo projects that Indonesia's economic growth in 2024 could increase.
"Economic growth in 2024 is estimated to increase in the range of 4.7-5.5 percent," Perry said on the same occasion.
Perry explained that in 2024, consumption performance, both private and government, and investment were expected to continue to increased. This was in line with people's confidence in consumption which remains strong, the positive impact of the election, and the sustainability of the development of the National Strategic Project (PSN).
"Bank Indonesia will continue to strengthen the synergy of the government's fiscal stimulus with Bank Indonesia's macroprudential stimulus to encourage economic growth, especially from the demand side," Perry said.
Indonesia will conducted presidential election on February 14, 2024. There were three candidates in this election. Candidate number 1 Anies Baswedan and Muhamin Iskandar, number 2 Prabowo Subianto and Gibran Rakabuming Raka, and the last was Ganjar Pranowo and Mahfud MD.
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