WB sees growth of Indonesian economy

JAKARTA — Indonesia's economy is expected to steadily grow over the next two years on the back of domestic consumption and investment, despite weak exports, a World Bank report said on Monday.

Household spending, traditionally a strong contributor to Indonesia's GDP, and election-related spending helped to expand Southeast Asia's largest economy by 5.11 percent in the first quarter of 2024. And it is expected to expand by 5 percent overall this year, followed by 5.1 percent in 2025 and 2026, according to the World Bank's Indonesia Economic Prospects report.