IMF makes new recommendations for Indonesia’s economy
The International Monetary Fund (IMF) has given some comments on Indonesia’s economy as the country is undergoing a government transition from President Joko Widodo to President-elect Prabowo Subianto, at a recent press briefing on the Asia Pacific Department Regional Economic Outlook April 2024.
Jakarta (VNA) – The International Monetary Fund(IMF) has given some comments on Indonesia’s economy as the country isundergoing a government transition from President Joko Widodo to President-electPrabowo Subianto, at a recent press briefing on the Asia Pacific DepartmentRegional Economic Outlook April 2024.
Krishna Srinivasan, Director of the Asia and PacificDepartment, said at the April 30 event that “we are waiting to see details ofthe new government when it comes into office. But from what we've seen, thereis more emphasis on continuity of policies.”
“We'll have to see the details of how the fiscal planspan out. But overall, we see this as a way of continuity in reforms, continuityin the way Indonesia made good progress over the years. And that's reflected inpretty much strong fundamentals.”
Thomas Helbling, Deputy Director of the Asia andPacific Department, said “if Indonesia closes the infrastructure gap, if itcloses education gaps, if it improves on governance structure, we could seehigher potential growth.”
The fund keeps its forecast for Indonesia’s economicgrowth at 5% in 2004 and 5.1% in 2025.
Helbling said Indonesia has a tax ratio of about 10%,which is very low relative to the structural spending needs for education,infrastructure, social safety net.
“So, we see determined action on revenue reform wherethe IMF has laid out options for revenue reform as of utmost importance for thenew administration,” he noted.
The 5% is a very robust growth rate, and Indonesia hasperformed very well, growing very close to potential over the past decade, hesaid./.
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In a supermarket in Indonesia. (Photo: VNA) 
