IMF, ADB, and S&P Maintain Optimism on Indonesia's Economic Resilience

The Coordinating Ministry for Economic Affairs has revealed that confidence from several international institutions in the rupiah remains quite strong, marked by projections that the Indonesian economy will still grow by 5%. Deputy for Coordination of State-Owned Enterprise Management and Development at the Coordinating Ministry for Economic Affairs, Ferry Irawan, cited the economic projection from the International Monetary Fund (IMF), which estimates the Indonesian economy will grow by 5% in 2026. “Amidst persistently high global uncertainty, several international institutions remain optimistic about the Indonesian economy. For example, the IMF in its latest publication still maintains our economy at 5% for 2026, at a time when other developing countries are being downgraded,” Ferry stated during his presentation at the Financial Services Authority (OJK) Risk and Government Summit on Tuesday (14/7/2026). Besides the IMF, another international institution, the Asian Development Bank (ADB), projects that Indonesia’s economy will still grow by 5.2% in 2026. “We can see an even more optimistic outlook from the ADB’s publications, which still maintain our economic outlook at 5.2% for 2026, while at the same time the ADB projects that countries in the Southeast Asian region will be lowered to 4.6%, below 5%,” Ferry continued. He also touched upon the latest report from international rating agency S&P Global Ratings, which still maintains Indonesia’s credit rating at BBB for the long term and A-2 for the short term. Meanwhile, Indonesia’s outlook remains at a stable level. “This news from S&P is also a momentum that we can easily continue to push for positive aspects of our economy. So, in accordance with S&P’s recent rating, Indonesia remains at an investment-grade rating,” Ferry explained. According to him, S&P’s outlook is even more optimistic compared to other international rating agencies such as Moody’s and Fitch, although overall, Indonesia’s investment prospects remain viable. “If we look at it, S&P is even better than Fitch and Moody’s, which previously released their ratings, with the sovereign rating remaining at BBB or A-2 with a stable outlook,” he said. With these projections, the ministry explained that foreign investor confidence in Indonesia remains quite strong amidst high uncertainty. “This easily reflects, once again, the confidence given by rating agencies in our economic resilience. This is a momentum that we need to continue to maintain,” he concluded.