Minister of Home Affairs Muhammad Tito Karnavian affirmed that Indonesia's economy remains strong, with a 5.02% year-on-year growth in the fourth quarter of 2024. This growth places Indonesia ahead of neighboring countries such as Malaysia, Singapore, Laos, Thailand, Myanmar, and Timor Leste, which saw an 18.1% economic contraction. Despite concerns over a decline in the Composite Stock Price Index (IHSG), Minister Tito highlighted that Indonesia's economic growth surpasses 5%, ranking the country 41st out of 185 globally and third among G20 nations, behind India and China.
Regionally, Papua Barat recorded the highest economic growth in Q4 2024, followed by Sulawesi Tengah and Maluku, while Bangka Belitung, Papua, Sulawesi Barat, Riau, Nusa Tenggara Timur (NTT), and Gorontalo had lower growth rates. Inflation remains under control, with the Central Statistics Agency (BPS) reporting a 0.09% year-on-year deflation in February 2025, ranking Indonesia 13th globally and second among G20 nations for low inflation. Minister Tito also reassured that the ongoing peak harvest season for rice and corn will ensure adequate supplies to meet public demand.
