REPUBLIKA.CO.ID, SAMOSIR -- Bank Indonesia (BI) ensures Indonesia's economy remains resilient. BI Department of Economic and Monetary Policy Director Juli Budi Winantya said economic growth remained strong amid rising global uncertainty.

July ratcheting up domestic demand will still be a driver. “Consumption is still strong, indeed compared to historically lower. Building investment is expected to grow better so that it can drive economic growth in the future,” Juli said during a BI training discussion in Samosir, Sunday (28/4/2024).

He explained that economic growth in the first and second quarters of 2024 is expected to be higher than in the fourth quarter of 2023. This supported domestic demand that remained strong from household consumption in line with Ramadan and Eid 2024.

In addition, he said investment in buildings was also higher than expected. “This is supported by the continuation of national strategic projects (PSN) in a number of areas and the development of private property as a positive impact of government incentives,” Juli said.

Even so, July insists, household consumption and nonbuilding investment need to continue to be boosted. This is to support the continued recovery of the national economy.

For this reason, July projected Indonesia's economic growth in 2024 in the range of 4.7 to 5.5 percent. July ensured Bank Indonesia would continue to strengthen policy synergies with the Government to support sustainable economic growth.

He added that the current performance of goods exports has not been strong as it is affected by the decline in commodity exports. This is in line with falling commodity prices and weak demand from foreign trading partners such as China.

Nevertheless, a number of sectors are projected to have a positive trend. “Based on the business field of the processing, information and communication industries, large trade and retail sectors, as well as construction are expected to grow strongly,” Juli explained.

Ikuti Whatsapp Channel Republika