close
close

Indonesia’s economy will grow above 4.9% in the third quarter thanks to strong demand and rising investment: analysts

Posted on by L. Dreeye
Indonesia’s economy will grow above 4.9% in the third quarter thanks to strong demand and rising investment: analysts

Global geopolitical tensions and the outcome of the US elections are looming over Southeast Asia’s largest economy, posing risks to its economic development.

(JAKARTA) Indonesia’s economy appears to have maintained a strong upward trajectory, with analysts forecast third-quarter growth of between 4.9 and 5.05 percent, driven by robust demand and increased investment.

That solid performance, according to economists surveyed by Bloomberg, lays a strong foundation for newly inaugurated President Prabowo Subianto, who aims to nearly double that growth to an ambitious average of 8 percent over his next five years in office.

Lavanya Venkateswaran, senior ASEAN economist at OCBC, said Indonesia’s third-quarter growth closely mirrored the second-quarter performance of 5 percent, reflecting sequential growth momentum. The bank forecast third-quarter growth of 4.9% to 5%.