Bank Indonesia (BI) predicts that Indonesia's economy will continue to grow strongly at a rate of 5% next year, as outlined in the Annual Budget Plan of Bank Indonesia (RATBI) 2024.

"Of course, [economic growth] next year is still quite good, around 5%," said BI Governor Perry Warjiyo during a working meeting with Commission XI of the Indonesian Parliament on Monday (14/11/2023).

According to Perry, economic growth in 2024 is expected to be primarily driven by the strengthening of domestic demand along with the increase in the salaries of civil servants (ASN), the holding of the 2024 elections, and the development of the National Capital Integrated Coastal Development (IKN) project.

In line with this, Perry stated that the inflation rate in 2024 is projected to be maintained in the range of 1.5% to 3.5%, supported by the consistency of monetary policy and the close coordination of inflation control strategies between BI and the government through TPIIP and TPIDD, as well as the National Movement for Controlling Food Inflation (GNPIP).

Furthermore, Perry predicted that the exchange rate of the rupiah would remain relatively stable and tend to strengthen in accordance with its fundamental value in 2024.

The average exchange rate of the rupiah is estimated to be at Rp15,510 per US dollar, higher than the 2023 average of Rp15,280 per US dollar.

He added that BI's policy mix would continue to be strengthened to maintain stability and support dynamic economic growth.

"We balance the achievement of goals between stability and growth by focusing on one policy, which is monetary policy that remains focused on stability, but also with four policies to encourage growth, such as macroprudential policy, digitalization of the payment system, deepening of the money market, and the development of MSMEs and Islamic finance," he said.

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