Economists at Standard Chartered analyze Indonesia’s macroeconomic outlook and share their forecast for the Rupiah (IDR.)
2024 GDP growth to pick up to 5.2% YoY
We expect 2024 GDP growth to pick up to 5.2% YoY on a continued cyclical recovery, election spending, and still-healthy demand for Indonesia’s main export commodities.
We expect BI to start cutting rates in H2, with a risk of an earlier cut should the Fed move faster on a sharper US economic downturn.
We stay constructive on the Indonesian Rupiah and see USD/IDR appreciating to 15,000 by end-2024 on resumed portfolio flows.
Source: https://www.fxstreet.com/news/usd-idr-set-to-move-toward-15-000-by-end-2024-standard-chartered-202401150727