Global Growth Expected to Slow in 2024, BI Governor Says
- VIVA/M Ali Wafa
Jakarta, VIVA – Bank Indonesia (BI) has predicted that the global economy in 2024 will likely slow down to 3.2 percent due to persistent high global risks.
This statement was made by Bank Indonesia Governor Perry Warjiyo during the Announcement of the Results of the Monthly Board of Governors Meeting, August 2024.
"Global financial market uncertainty has started to ease, but risks remain high. The global economy in 2024 is projected to grow by 3.2 percent, with a tendency to slow down," Warjiyo stated at the Bank Indonesia Headquarters in Jakarta on Wednesday (Aug 21).
Gubernur Bank Indonesia, Perry Warjiyo
- VIVA.co.id/Anisa Aulia
Warjiyo added that the U.S. economy is expected to start slowing down in the second half of 2024, in line with a decline in domestic demand.
"Meanwhile, China's economy remains weak, while the European economy continues to improve," he remarked.
Warjiyo explained that the economic slowdown in the United States will lead to rising unemployment and a faster decline in inflation towards the long-term target of 2 percent.
He stated that these developments are strengthening expectations of a more rapid and significant reduction in the Fed Funds Rate (FFR).
"These developments have subsequently led to a decline in the 2-year U.S. Treasury yield, followed by a drop in the 10-year U.S. Treasury yield, and a weakening of the U.S. dollar against various global currencies," he concluded.
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