The President's Advisor Forecasts That Economic Growth In 2024 Will Exceed 5 Percent

ANTARA/Uyu Septiyati Liman/aa

The President's Advisor Forecasts That Economic Growth In 2024 Will Exceed 5 Percent

Thursday, 06 Feb 2025

The Special Economic Advisor to the President, who is also a senior economist, Bambang Brodjonegoro, has projected that the national economy will grow by over 5 percent throughout the previous year, largely due to the conduct of the general elections and regional head elections.

"My estimate for the domestic economy in 2024 is that it will remain above 5 percent overall... the election factor is significant in supporting the economy to exceed 5 percent in 2024," stated Bambang Brodjonegoro in Jakarta on Tuesday.

He explained that this projection is based on national economic growth figures of 5.11 percent in the first quarter, 5.05 percent in the second quarter, and 4.95 percent in the third quarter, as reported by the Central Statistics Agency (BPS).

BPS also noted that Indonesia's economy grew by 5.08 percent in the first half of 2024 compared to the first half of 2023.

The growth figures for the second half of 2024 and the full year 2024 will be announced by BPS on Wednesday, February 5.

Bambang indicated that the national economic growth in the first half of 2024 is driven by the legislative and presidential elections scheduled for February 2024.

Similar to the previous semester, he mentioned that the domestic economic growth in the second half of 2024 will also be influenced by the democratic festivities, specifically the regional elections, which will take place simultaneously across all regions in November 2024.

"We are fortunate in 2024 due to the elections occurring not just once, but twice: the legislative elections in February, which will directly impact the growth in the first half of 2024, and the second election being the regional elections," he remarked.

In addition to the democratic events, Bambang noted that Indonesia's economic growth is also bolstered by the celebration of significant religious holidays, such as the holy month of Ramadan and Eid al-Fitr in the first half of 2024, as well as Christmas in the second half of 2024.