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Highlights From Local News Wires

INDONESIA

Below is a collection of news wires reports from English versions of Indonesian Newspapers and some other major news outlets.

Economy: “Global economic growth to reach 2.8% in 2024: BI” – Antara News (see here)

  • BI Governor Warjiyo said that global growth can reach 2.7% in 2023 and 2.8% in 2024 supported by developing countries and lower inflation. Growth in ASEAN is forecast to be 5.1% and 5.5%.

Economy: “Market expansion, CEPAs to boost manufacturing PMI: minister” – Antara News (see here)

  • Minister sees the expansion of export markets and economic agreements to increase output and the PMI over 2023. He saw the decline in the May PMI as driven by soft foreign orders but he’s not “worried”.

Economy: “Govt, BI successfully controlling inflation together: Minister” – Antara News (see here)

Economy: “Economic recovery uniform across Indonesia: Minister Indrawati” – Antara News (see here)

Energy: “Global turmoil to make 2024 oil prices difficult to predict: minister” – Antara News (see here)

  • The Finance Minister noted that oil prices are currently difficult to predict after Saudi Arabia cut output further. The ministry expects crude to be $80-$85/bbl in 2023 and $75-$85 in 2024. Indonesia is a net oil importer but is also an oil exporter, particularly within the region. Coal, one of the main exported commodities, is expected to decline to $200/mt in 2023 and then to $155 in 2024. She said these prices are important as they impact the budget significantly.

Trade: ASEAN works towards expanding RCEP trade deal membership” – Jakarta Globe (see here)

Geopolitics: “Ministers discuss improving Indonesia-China defence cooperation” – Antara News (see here)

Geopolitics: “Indonesia, Germany agree to improve defense collaboration” – Antara News (see here)

Geopolitics: “Indonesian-Australia cooperation important for peace: defence minister” – Antara News (see here)

Politics: “PAN signals support for Ganjar’s 2024 bid” – Jakarta Globe (see here)

Politics: “Golkar aims for 20 pct of house seats in 2024” – Jakarta Globe (see here)

Politics: “Mahfud turns down offer to become running mate for Anies” – Jakarta Globe (see here)

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