Indonesia Seems on Track to Post Economic Growth at Around 5.0% in Q3-2024
Before we zoom in on Indonesia, it is worth taking a closer look at the latest reports released by the International Monetary Fund (IMF). In its World Economic Outlook (released in October 2024), the IMF stated that global economic growth is expected to remain stable, yet underwhelming, at 3.2 percent year-on-year (y/y) in 2024.
This forecast is a 0.1 percentage point cut from the IMF’s previous global economic growth projection for 2024 as geopolitical conflicts (particularly in the Middle East), rising trade tensions and elections in big economies cause considerable uncertainty and pose serious risks for commodity markets. The IMF advises that it is important for all policy makers to set a clear course on reducing their debt levels amid ongoing uncertainty. If policy makers fail to do this, then markets might respond to this issue, with negative consequences for economic growth.
The positive news is that “the battle against global inflation is almost won”. The IMF stated that after peaking at 9.4 percent (y/y) in Q3-2022, it now expects headline inflation to fall to 3.5 percent (y/y) by the end of 2025. In most countries, headline inflation is now hovering close to central bank targets. What’s more, inflation came down while at the same time the global economy remained resilient.
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Read the full article in the October 2024 edition of our monthly report. This report (an electronic report, PDF) can be ordered by contacting us through email and/or WhatsApp:
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This article discusses:
- Global economic growth
- Consumer confidence in Indonesia
- Retail sales in Indonesia
- Credit growth in Indonesia
- Car and motorcycle sales in Indonesia
- Foreign visitor arrivals in Indonesia
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