Indonesia’s growth forecast among highest in ASEAN, G20 countries

- Tuesday, 28/11/2023, 09:36

Indonesia's economic projections at 5% this year are one of the highest among ASEAN and G20 countries amid the current global turmoil, according to Finance Minister Sri Mulyani Indrawati.

Indonesian news agency Antara quoted the minister's remarks at a recent virtual press conference in Jakarta, in which the official said one of the indicators that makes a positive trend in Indonesia's economy is the expansive manufacturing sector activity, with a Manufacturing Purchasing Managers' Index (PMI) of 51.5 in October 2023.

Indonesia’s growth forecast among highest in ASEAN, G20 countries -0
Finance Minister Sri Mulyani in a virtual press conference in Jakarta on November 24, 2023. (Source: ANTARA/Agatha Olivia V/rst)

Indonesia is included in the 30.4% of G20 and ASEAN-6 countries that recorded expansive Manufacturing PMI, apart from the Philippines, Singapore, India, the US, Mexico, and Russia.

She noted that the Indonesia's 2023 economic growth forecasts issued by various international institutions is 5%, hence a place among the top three nations with economic growth prospects in ASEAN and G20, which also includes India, projected at 6.3% and the Philippines at 5.3%.

This projection is far above the global economic growth estimates of 2.1% from the World Bank and 3% from the International Monetary Fund (IMF), she pointed out.

However, she drew attention to some obstacles in Indonesia's economic growth, such as high inflation, commodity price volatility, and escalating global tensions, among many others./.