Jabartrust, Bandung – West Java's economy enters 2024 in a bright light. In the latest review, data shows that economic growth still radiates positive light. In the period January to September 2023, West Java investment and exports experienced a significant increase, even reaching the highest position at the national level.

Head of the West Java Province Industry and Trade Service, Noneng Komara Nengsih, revealed that investment realization reached IDR 137.2 trillion in that period. With only three months remaining in 2023, West Java remains optimistic that its investment will lead nationally.

The industrial sector is the main pillar of growth, accounting for more than half of total investment. Optimism for the West Java processing industrial sector next year is fueled by various factors, including global economic recovery, strong domestic demand growth and high investment in the sector.

Improving global conditions also provide a breath of fresh air. With gradual recovery from the impact of the pandemic and projected economic growth increasing from 2.8 percent to 3 percent due to increasing global demand, West Java can further optimize its export potential.

In addition, the stability of controlled inflation, falling from 6.17 percent to 2.85 percent in November 2023, gives hope for an increase in people's purchasing power and higher domestic demand.

Not only that, West Java also made an achievement as the largest contributor to exports in the period January to October 2023, recording a surplus of US$ 20.57 billion in its Trade Balance.

Bank Indonesia estimates that West Java's economic growth will remain positive in 2024, ranging from 4.9 percent to 5.7 percent, despite uncertainty in the global economy. The agricultural and consumption sectors are predicted to experience significant strengthening.

However, challenges are inevitable. Erwin Gunawan Hutapea from Bank Indonesia highlighted the importance of price stability and increasing public consumption, especially in the series of Presidential Elections, Legislative Elections and Regional Head Elections which have the potential to encourage consumption.

In an effort to encourage economic growth, Bank Indonesia has prepared seven policy recommendations. These include efforts to control food inflation, maintain people's purchasing power, accelerate infrastructure development, and strengthen new sustainable economic sectors.

With these various strategic steps, Bank Indonesia projects that West Java's economy will continue to thrive in 2024, giving hope for sustainable progress for this province.

(SOURCE)