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January 31, 2025 | 09:17 pm
TEMPO.CO, Jakarta - Coordinating Minister for Economic Affairs Airlangga Hartarto revealed the risks faced by President Prabowo Subianto's government. He said global dynamics remain a primary factor affecting the country's future economic development.
"Several risks will still be faced, such as commodity price volatility and relatively high interest rates," he said to the media after the High-Level Meeting of the Central Inflation Control Team (HLM TPIP) at the Coordinating Ministry for Economic Affairs building in Central Jakarta, Friday, January 31, 2025.
Furthermore, trade policies from the United States, often referred to as Trump 2.0, would have an impact on the domestic economy. Additionally, climate change affects vulnerabilities in food and energy sustainability.
"This is something we need to pay attention to, especially in the global economic projections for 2025, which are estimated at around 3.2 percent, below the historical average," he said.
Based on the World Economic Outlook (WEO) Update by the International Monetary Fund (IMF) in January 2025, global economic growth in 2025 and 2026 is projected at 3.3 percent, below the historical average from 2000 to 2019 at 3.7 percent.
Nevertheless, Airlangga said the Indonesian economy is quite impressive. He mentioned Indonesia's entry into the ranks of countries with the highest purchasing power parity (PPP)-adjusted Gross Domestic Product (GDP). According to IMF records, Indonesia is in the 8th position among hundreds of other countries.
"Higher than Italy, and France, and this is a significant achievement," said Airlangga. "Certainly, Indonesia must continue to maintain economic growth," he added.
Previously, the IMF recorded Indonesia's per capita Gross Domestic Product (GDP) in 2024 based on purchasing power parity at $4.98 trillion.
It is known that GDP based on PPP is a nominal GDP that takes into account differences in living standards and prices of goods and services between countries. Therefore, the value is measured in international dollars.
Quoting IMF data, the country in the top position in the list of countries with the highest GDP achievements based on PPP in 2024 is China. The achievement of the Bamboo Curtain reaching $37.07 trillion was recorded. In second place, the United States recorded $29.17 trillion.
India then followed in third position with $16.02 trillion. In fourth place, the IMF recorded Russia's GDP based on PPP reaching $6.9 trillion. This was followed by Japan with $6.57 trillion.
In sixth position, Germany achieved a GDP of $6.02 trillion. In seventh place, the IMF recorded Brazil's GDP at $4.7 trillion. In the 8th position, Indonesia's adjusted PPP-based GDP achievement was $4.66 trillion.
In the 9th and 10th positions are France and the UK, which, according to IMF data, recorded GDPs of $4.36 trillion and $4.28 trillion, respectively.
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