## Indonesia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia

_IMF Staff Country Reports, August 7, 2024_

## Source details

**Canonical URL:** [Indonesia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Indonesia](https://www.imf.org/en/publications/cr/issues/2024/08/07/indonesia-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-553165)

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## Bibliographic details
- Published: August 7, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400284588.002

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### Main findings
- Growth remains strong despite external headwinds.
- Inflation is firmly in the target range.
- The financial sector is resilient.
- The authorities are pursuing an ambitious growth agenda to reach high-income status by 2045, comprising public spending, institutional reforms, and Industrial Policy.
- Bridging structural gaps will be needed to achieve higher and inclusive potential growth and reach high income status, as envisaged in the country’s national development strategy—the Golden Vision 2045.

### Risks
- Risks are broadly balanced.
- Key downside risks include:
  - persistent commodity price volatility from geopolitical shocks),
  - an abrupt slowdown in Indonesia’s key trading partners,
  - adverse spillovers from tighter-for-longer global financial conditions.

### Policy assessment and recommendations
- A slightly narrower deficit would support both growth and a more balanced policy mix.
- The policy rate is above neutral.
- With financial risks contained, accommodative macroprudential policy has supported credit growth while liquidity remains comfortable.
- Monetary policy should remain data-driven, based on the evolution of domestic conditions, and the exchange rate serving as a shock absorber.

### Subject areas and keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial inclusion, Financial markets, Financial sector policy and analysis, Financial sector stability, Inflation, Prices
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Financial inclusion, Financial sector stability, Global, Inflation, market development, monetary policy stance, policy credibility, policy effectiveness, SDR million

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_Source: https://www.imf.org/en/publications/cr/issues/2024/08/07/indonesia-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-553165_