Several Countries (4.0) 8.0 4.0 0.0 (8.0) 2019 2020 2021 2022 2023F 2024F Euro Area Growth (%) 1.6 5.6 3.3 0.7 0.7 1.6 1.2 (6.1) 2023: 0.0% 2024: (0.4%) (2.0) 2.0 8.0 4.0 6.0 0.0 (4.0) 2019 2020 2021 2022 2023F 2024F US Economic Growth (%) 2.3 5.9 2.1 2.1 1.4 1.5 1.0 (2.8) 2024: +0.5% 2023: +0.7% China’s Economic Growth (%) 2.0 10.0 8.0 4.0 6.0 0.0 2019 2020 2021 2022 2023F 2024F 6.0 2.2 8.5 3.0 5.0 5.2 4.2 4.5 2023: (0.2%) 2024: (0.3%) (2.0) 6.0 4.0 2.0 0.0 (4.0) 2019 2020 2021 2022 2023F 2024F Indonesian Economic Growth (%) 5.0 5.3 5.0 5.1 4.8 5.0 3.7 (2.1) 2024: (0.1%) 2023: +0.2% Actual WEO IMF Oct-23 WEO IMF Jan-23 Sumber: International Monetary Fund (IMF), Oktober 2023 Domestic Economic Analysis The slowing global economy started to have an impact on the rate of national economic growth. In 2023, the full year national economy grew by 5.05%, lower than the previous year’s 5.31%. This slowdown was in line with the slowdown in economic growth of Indonesia’s main trading partners in the same period, including: India and the European Union. In that period, India’s economic growth was recorded at 6.3%, lower than the previous year’s 7.2%. Meanwhile, the European Union’s economic growth also decreased from 3.4% yoy in 2022 to 0.5% in 2023 (Figure 8). Meanwhile, China’s economic growth increased from 3.0% in 2022 to 5.2% in 2023, supported by the easing of restrictions for the Covid-19 pandemic and various government stimuli. Figure 8. Economic Growth of Indonesia’s Main Trading Partners (%) 6.0 4.0 12.0 8.0 10.0 0.0 2.0 Source: Central Statistics Agency, November 2023 8.4 3.0 5.2 25.45% 5.9 1.9 2.5 9.51% 9.1 7.2 6.3 8.30% 2.1 1.0 2.0 7.76% 6.0 3.4 0.5 7.42% 4.3 2.6 1.4 3.48% 5.7 7.6 5.6 4.59% 2021 2022 2023 China US India Jepang European Union South Korea Filipina PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 193 Management Discussion and Analysis on Bank Performance
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