Economic Update Indonesia – Analyzing the Latest Macroeconomic Data to Assess Current Conditions
We are gradually approaching the first 100 days in office of the new administration in Indonesia (under the leadership of President Prabowo Subianto). Does that show in the latest economic indicators?
Well, it is still well too soon for the new cabinet to make an impact on the economy. For example, the free nutritious lunch program, possibly the biggest initiative of the new cabinet, will only be imposed on 6 January 2025. Therefore, it will still require a couple of months to see the impact of the new cabinet on economic data.
Consumer Confidence in Indonesia
Based on the latest released consumer confidence data of Indonesia, released by the country’s central bank (Bank Indonesia), consumer confidence rebounded strongly in November 2024. The consumer confidence index jumped from a reading of 121.1 points in October 2024 to 125.9 points in November 2024, reaching its highest level since April 2024.
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