Bank Indonesia (BI) Governor Perry Warjiyo has forecast the national economy to grow in the 4.5-5.3 percent range in 2023 and further pick up to 4.7-5.5 percent in 2024.

“The growth will be fairly good, at 4.5-5.3 percent in 2023 and increase to 4.7-5.5 percent in 2024,” Warjiyo stated at BI’s annual meeting 2022 here on Wednesday.

Meanwhile, the inflation rate is expected to fall to 2.5 percent, give or take one percent, in 2024 from the normal projection of three percent, give or take one percent, in 2023.

In addition, external stability in 2024 will remain under control, with the current account expected to record a surplus of 0.2 percent or a deficit of 0.6 percent of the national gross domestic product (GDP), he stated.

He said the financial system resilience will remain good in terms of capital, credit risk, and liquidity, with credit growth projected to stay in the range of 10-12 percent in 2023 and 2024.

The digital economy and finance will also grow in 2024, with the value of e-commerce transactions estimated at Rp589 trillion, electronic money at Rp640 trillion, and digital banking at over Rp87 thousand trillion, he stated.

The BI governor remarked that various positive economic achievements will be able to boost the Indonesian economy to 5-5.3 percent until 2027.

“In the medium term, economic growth may increase to 5-5.8 percent in 2027,” he stated.

Source: Antara News