Jakarta – The World Bank or World Bank revealed, among the major countries in the East Asia and Pacific region, only Indonesia’s economy is projected to grow in 2024-2025 or above pre-pandemic growth rates.
“Among the larger countries, only Indonesia is expected to grow in 2024 and 2025 at or above pre-pandemic levels,” said World Bank East Asia and Pacific Chief Economist, Aaditya Mattoo, in a virtual conference, quoted by Reuters, Thursday, October 10, 2024.
According to him, countries such as Malaysia, the Philippines, Thailand and Vietnam are expected to have economic growth below that level.
Read also: World Bank: Prabowo’s Free Nutritious Meal Program Not Effective in Overcoming Stunting
In the World Bank report for the October 2024 edition of the East Asia and Pacific Economic Update, which was released today, economic growth in the country is at the level of 5 percent in 2024 and 5.1 percent in 2025.
Meanwhile, Indonesia’s average economic growth in the 2015-2019 period was recorded at 5 percent. Indonesia’s growth projection in the October 2024 edition of the report is higher than the forecast in the April 2024 edition of the East Asia and Pacific Economic Update Report, which was 4.9 percent in 2024 and 5 percent in 2025.
Indonesia’s economy going forward will benefit from, among others, increased public consumption and investment as well as government spending.
East Asia and Pacific Growth
Meanwhile, the World Bank estimates growth in the East Asia and Pacific region at 4.8 percent in 2024, slowing to 4.4 percent in 2025.
Read also: Despite Stabilizing Global Economy, World Bank Warns of Challenges
In the World Bank projections, Malaysia’s economy grew 4.9 percent in 2024 and 4.5 percent in 2025. Then, the Philippines grew 6 percent in 2024 and 6.1 percent in 2025.
Meanwhile, the Thai economy grew 2.4 percent in 2024 and 3 percent in 2025. Then, Vietnam grew 6.1 percent in 2024 and 6.5 percent in 2025.
Meanwhile, Pacific Island countries are projected to grow 3.5 percent in 2024 and 3.4 percent in 2025. This is in line with the recovery of the tourism sector. (*)
Editor: Galih Pratama
