In the third quarter of 2024, Indonesia's economy experienced a growth rate of 4.95%, largely fueled by government spending and investment, as highlighted by Bank Mandiri Chief Economist Andry Asmoro.

Despite global uncertainties, particularly following the recent United States election, Indonesia's economy is expected to remain resilient, supported by macroeconomic stability and growth in key sectors.

Overall, projections indicate that Indonesia's economy will grow between 5% and 5.05% by the end of 2024, with a stable economic environment providing a solid foundation for future expansion.

Andry noted that a controlled inflation rate of 1.7% through October 2024, along with a trade surplus of $24.4 billion, are critical indicators of Indonesia's economic stability.

Mobility-related sectors, including hotels, restaurants, and transportation, are anticipated to continue their growth trend, positively impacting the economy since 2022.

In the third quarter, significant growth was observed in service sectors related to transportation and warehousing, as well as accommodation and food, with growth rates of 9.95%, 8.64%, and 8.33%, respectively.

Public consumption remains stable, with positive growth noted in sectors such as electronics, entertainment, and mobility, as indicated by the Mandiri Lending Index (MSI).

Andry anticipates that the fourth quarter will see stronger growth driven by increased government spending and investments, particularly in infrastructure projects.

The upcoming end-of-year period is expected to further boost consumption due to regional elections and holiday activities, enhancing economic momentum.

Bank Mandiri has reported increasing global economic volatility as the year concludes, which is likely to affect economic dynamics worldwide.

Andry expressed optimism regarding Indonesia's capacity to navigate global challenges and sustain long-term economic growth.